January 12, 2017/Cordros Research
- As expected, bearish sentiments resurfaced in the Nigerian equities market, with the All Share Index declining by 0.21% to close at 26,330.39 points.
- Today’s negative close increased the Year-to-Date loss to 2.03%.
- Majority of the indices closed lower, save for the Banking (+0.93%) index. The Oil & Gas (-1.59%) index recorded the biggest loss, following selloffs in FO (-9.20%) and TOTAL (-0.33%). The Consumer Goods (-0.94%), Industrial Goods (-0.02%) and Insurance (-0.03%) indices also declined, owing to losses posted by PZ (-4.90%), CCNN (-2.36%) and NEM (-3.33%) respectively. Gains recorded by ZENITHBANK (+2.04%) and ACCESS (+2.66%) bolstered the Banking (+0.93%) index.
- Market breadth was negative, with 13 gainers versus 23 losers. Total volume traded fell by 9.13% to 179.43 million shares, valued at N1.49 billion, and exchanged in 2,928 deals.
- We expect the bearish sentiments to continue in tomorrow’s session.
