The “seesaw movement” exhibited by the Nigerian equities market since last week continued today as the All Share Index slid 0.4% to settle at 25,369.52 points after closing 4bps higher yesterday.
Investors lost N32.8bn as market capitalization contracted to N8.7tn. The Negative performance recorded today was broadly on account of losses in DANGCEM (-1.2%), NESTLE (-2.2%) and OANDO (-4.9%). However, activity level strengthened as total volume and value traded rose 30.4% and 47.8% to 264.7m units and N1.3bn respectively.
Insurance Index leads Sector Gainers
Performance across sectors was mixed. The Insurance index led sector gainers, improving 1.1% due to price appreciation in MANSARD (+5.0%), the Banking index followed, rising 0.7% against the backdrop of gains in GUARANTY (+1.0%) and ETI (+1.0%).
On the flipside, sell offs in DANGCEM (-1.2%) drove the Industrial Goods index 0.7% southwards. Also, the Consumer Goods and Oil & Gas sector indices lost 0.2% apiece due to sell offs in NESTLE (-2.2%) and OANDO (-4.9%).
Market Breadth turns Positive
Sentiments in the market improved today, as market breadth (advancers/decliners ratio) settled at 1.3x as 20 tickers advanced while 16 declined. The gainers’ chart was topped by AGLEVENT (+5.0%), MANSARD (+5.0%) and OKOMUOIL (+5.0%) while MAYBAKER (-5.0%), OANDO (-4.9%) and FIDSON (-4.9%) led the losers’ list.
Given the current challenging macroeconomic space, we expect the “seesaw movement “observed in recent sessions to persist in the interim.