The Nigerian equities market closed the second trading session of the week negative, losing 1.14%.

Similarly, market breadth index was negative with 14 gainers against 23 stocks that declined. 

BETAGLAS (+9.98%) was the top gainer today while AGLEVENT (-10.00%) led the losers’ chart.

CCNN (-0.83%) was the most actively traded with 38million units of shares worth about N683million. 

Sector Performance

·         NSE Oil & Gas Index: Lost 5.68%, majorly due to the sell-off in FO (-9.90%), SEPLAT (-9.61%) and MOBIL (-3.03%). 

·         NSE Banking Index: Dipped by 1.65%, largely driven by the losses in  DIAMONDBNK (-5.81%), FIDELITYBK (-3.52%), ACCESS (-2.74%), GUARANTY (-2.51%), UBA (-1.96%) and ZENITHBANK (-1.46%). 

·         NSE Industrial Index: Declined by 0.93%, due to the losses in WAPCO (-5.45%), DANGCEM (-1.03%) and CCNN(-0.83%). 

·         NSE Consumer Goods Index: Closed down by 0.09%, on the back of the decline in PZ (-9.83%) and FLOURMILLS (-4.88%).  

Market Insight 

The equities market closed down today due to the losses across all sectors. Despite the sell-off in the equities market in the previous quarter, we believe this presents decent entry opportunities in our quality names.