February 9, 2017/Cordros Research
- The Nigerian equities market reversed yesterday’s gain, with the All Share Index shedding 0.54% to close at 25,322.30 points.
- Today’s bearish proceedings increased the Month-to-Date and Year-to-Date losses to 2.74% and 5.78% respectively.
- The Consumer Goods (-1.62%) and Industrial Goods (-0.01%) indices declined, owing to respective selloffs in PZ (-9.73%) and CUTIX (-4.55%). The Banking (-0.43%) and Oil & Gas (-0.44%) indices also closed lower, following losses recorded by GUARANTY (-0.04%) and FO (-4.99%) respectively. The Insurance (+0.67%) index bucked the trend, supported by a gain in MANSARD (+4.61%).
- Market breadth was negative, with 10 gainers versus 27 losers. Total volume traded declined by 58.82% to 143.23 million shares, valued at N1.55 billion naira, and exchanged in 2,551 deals.
- We expect the bearish trend to continue.
