Sept 5, 2016/Cordros Research
- Trading activities – on the domestic bourse – kicked off the week on a bearish note, with the benchmark index falling by 0.18% to close at 27,707.12 points.
- Today’s proceedings cut the Month-to-Date gain to 0.39% and increased the Year-to- Date loss to 3.26%.
- The Consumer Goods (-0.51%) and Insurance (-0.42%) indices both shed weight, following price declines in NB (-0.71%), PZ (-4.97%), NEM (-4.82%) and AIICO (-4.55%) respectively. The Industrial Goods (-0.25%) index similarly closed lower on DANGCEM’s (-0.57%) loss. On the other hand, positive interest in UBA (+3.69%), ACCESS (+1.60%) and ZENITHBANK (+1.01%) drove the Banking index (+0.72%) higher; while the Oil & Gas (+0.20%) index benefitted from a price appreciation in OANDO (+2.10%).
- Market breadth was negative, with 13 gainers versus 17 losers. Total volume traded dropped by 36.98% to 195.02 million shares, valued at N1.57 billion, and traded in 3,221 deals.
- We expect bearish sentiments to persist in the coming session.
