Market Index Plunges to Sell Pressure

The NSE All Share Index (ASI) continued its losing streak, tumbling 1.3% to close at 29,668.16 points driven by profit taking primarily in DANGOTE CEMENT (-2.4%), GUARANTY (-2.7%) and NIGERIAN BREWERIES (-1.1%).

Similarly, market capitalisation weakened ₦134.1 billion to close at ₦10.2 trillion as turnover worth ₦1.6 billion was realised in 160.6 million units of shares. Market activities measured by volume and value closed higher by 29.3% and 19.5%, respectively.

Banking Index led Sector Losers
Most sector indices closed southwards today with the Banking index leading sector losers after shedding 1.6% against depreciations in GUARANTY (-2.7%) and UBA (-5.0%). This was followed by the Industrial Goods sector which waned 1.1% driven by declines in DANGOTE CEMENT (-2.4%) and PORTPAINT (-4.9%). Equally, on losses recorded in OANDO (-4.9%) and NIGERIAN BREWERIES (-1.1%), the Oil & Gas and Consumer Goods indices fell 0.7% and 0.6% accordingly.

On the other hand, the Insurance index emerged the only sector gainer with 0.2% on appreciations in NEM (+4.6%).

Market Breadth Closed Negative
At the end of today's trading session, 19 stocks advanced against 27 declining stocks thus reversing market breadth to negative. OKOMU OIL (+10.2%), MOBIL (+5.0%) and NASCON (+5.0%) led the gainers while UNITY (-9.0%), UACN (-6.2%) and EVANSMED (-6.1%) topped the losers' chart.

With the constant losses being recorded on the bourse, it is believed that the stock market is moving deeper into a bears' market; nonetheless, Q3:2015 results may drive gains in coming sessions.