The Nigerian equities market closed negative today as NSE-ASI shed 1.85% to close at  29,668.73pts.

Similarly, market breadth index was strongly negative with 8 gainers against 26 losers. 

NB (+5.45%) led the gainers’ chart while ACCESS (-10.00%) was the top loser today.  

STERLNBANK (+3.77%) was the most actively traded stock with about 144million units of shares worth N349million. 

Sector Performance

·         NSE Banking Index: Shed 4.59%, majorly driven by the selloffs in ACCESS (-10.00%), UBA (-8.03%), FCMB (-7.89%), FBNH (-6.96%), ZENITHBANK (-4.23%) and GUARANTY (-2.78%). 

·         NSE Industrial Index: Closed down by 4.42%, following the losses in CCNN (-9.75%), WAPCO (-5.74%) and DANGCEM (-1.55%). 

·         NSE Consumer Goods Index: Gained 1.20%, on the back of the buy interests in NB (+5.45%) and NESTLE (+3.57%). 

·         NSE Oil & Gas Index: Advanced by 0.26%, following the gain in OANDO (+2.13%).

Market Insight 

The equities market closed down today following the losses in Banking and Industrial names. Despite the recent sell-off in the equities market, we believe prices at current level presents decent entry opportunities for investors with medium to long term horizon. Furthermore, with the conclusion of the 2019 elections, we expect uncertainties associated with political risk to dwindle. This may improve investor sentiment towards the Nigerian equities market.