Bears maintain a hold on the equities market as ASI pares 0.34%

The NSE-ASI contracted on Tuesday as it slid 0.34% to place YTD returns at -11.90%. Analysis by sector using the NSE-Sector indices showed that NSEBNK10 and NSEIND declined 0.41% and 0.71% accordingly. The Industrial index pared on account of negative sentiment in DANGCEM (-1.2%) as did banking by losses in GUARANTY (-0.4%) and UBA (-0.2%).

The other indices, NSEINS10, NSEOILG5, and NSEFBT appreciated by 0.53%, 0.51% and 0.15% in that order.

Results at the close of trade reflected the sustained weak investor sentiment despite improved market breadth which closed at 0.65x. However, market activity gained some traction, with the volume and value of transactions appreciating 152.72% and 4.94% accordingly.

Thirteen gainers were recorded against twenty losers today, with MOBIL leading the former category as it advanced 10.25% to close at N241.89. The oil player was trailed by UPL (+4.87%), UAC-PROP (+4.68%), TOTAL (+3.83%) and AIICO (+3.51%).

Conversely, FO (-9.74%) posted the greatest decline, closing at N53.85. OANDO (-5.00%), TRANSCOHOT (-4.90%), FIDELITYBK (-4.88%), and HONYFLOUR (-4.31%) trailed in that order.