Investor sentiment turned negative on sustained civil unrest in Nigeria

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Investor sentiment turned negative on sustained civil unrest in Nigeria which escalated last night. The local bourse closed in negative territory as the ASI fell by -0.75% to 28,449.49 points.

Year to date return and market capitalization settled at 5.99% and N14.87 trillion respectively. we note that during today’s trading session, selloffs were seen on tier-1 banks on the exchange ZENITHBA NL, GUARANTY NL, FBHNH NL, UBA NL, and ACCESS NL fell by -1.19% to N20.80, -1.32% to 30.00, -3.17% to N6.10, -4.35% to N6.60, and -0.65% to N7.70, respectively.

Moreover, selloffs on MTNN NL (-1.43% to N138.00), GUINNESS NL (-5.88% to N16.00), and ADROVA (-6.30% to N11.90) further drove the market to negative territory.

Volume and value traded higher by 9.87% and 62.76% to N4.76 billion, respectively. The most traded stocks by volume were UBA NL (40.29 million units), ZENITHBA NL (39.60 million units) and GUARANTY NL (38.19 million units) while GUARANTY NL (N1.14 billion), ZENITHBA NL (N800.93 million) and NEWGOLD NL (N538.78 million) topped the value chart.

All sectors were bearish – Banking, Consumer goods, Industrial, and Oil & Gas were lowered by 145bps, 98bps, 35bps, and 30bps, respectively save for the Insurance sector index which grew by 57bps.

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Market sentiment was negative as market breadth came in at 0.1x as there were 4 advancers and 34 decliners.

Comercio Research

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