January 31, 2020/Cowry Asset

The NSE All Share Index (ASI) dwindled by 0.65%, recording five consecutive days of bearish sessions even as the Exchange printed 24 losers as against 11 gainers today.

As the bulls continued to lose grip of the market amid investors profit taking, especially on banking stocks, we saw most of the subsector gauges moderate: the NSE Banking index plunged by 1.17% while NSE Consumer Goods and NSE Industrial indices declined marginally by 0.19% and 0.06% respectively. Hence, the year to date gain of NSE ASI declined to 7.46% from 8.16%.

Meanwhile, market activity was upbeat as total deals, transacted volumes and Naira votes rose by 21.54%, 9.94% and 96.37% to 4,322, 266.89 million shares and N9.02 billion respectively.

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