It’s the fourth business day of the week and equities market hasn’t relented on its bearish streak. The NSE All Share Index today shed 0.21% to close at 25,599.79 (25,653.14 on Wednesday) while YtD return settled at -10.62%.
Forcing the index down was sell pressure on NB (-0.6%), FORTE (-5.0%), TOTAL(-4.8%) and GUARANTY (-0.7%) as investors lost N18.4bn bringing market capitalization to N8.7tn.
Activity levels today were mixed as volume traded increased by 10.89%, while market value of transactions declined by 12.23%.
Investor sentiment slightly improved against yesterday’s low with the market breadth resting at 0.56x on the back of fourteen gainers against twenty-five losers. Still in the negative region and on the back of the index closing in the red on all session during the week, the outlook for equities remains.
As for analysis by sector, two indices gained while three declined. Insurance and Banking rose 0.5% and 0.2% while Oil & Gas dipped 1.6%. Consumer and Industrial Goods trailed paring 0.3% and 0.2% in that order.
Industrial goods player ASHAKA earlier today released a notice to the NSE on a Board resolution for the voluntary delisting of the Company to low floatation (15.0% versus NSE rule requirement of 20.0%). The current minority shareholders were given the option of exiting the Company (within 90 days) via exchange of 202 shares of ASHAKA for 57 shares of WAPCO plus a cash consideration of N2 per ASHAKA share.
As for the standing today, NASCON led the gainers’ chart with a 4.93% gain to close at N7.88. HONYFLOUR (+4.81%) trailed and was followed by MAYBAKER (+4.55%), FIDELITYBK (+3.95%) and AIICO (+3.45%).
FO (-5.00%) led the converse list followed by GLAXOSMITH (-4.98%), CAP (-4.98%), CADBURY (-4.92%) and TOTAL (-4.82%).
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