February 18, 2021/Cowry Asset

Bearish sentiment continued to dominate the market as the All-Share Index (ASI) moderated by 0.63% to close at 40,212.19 points; hence, the year-to-date gain of the NSE ASI plunged to 0.14%.

We witnessed major sell-offs across tickers as the number of losers (30) outnumbered the gainers (10). Specifically,heavy weight stocks such as MTNN, FLOURMILL, ZENITHBANK, WAPCO and GUARANTY moderated by 0.94%, 4.67%, 3.60%, 1.73% and 1.94% respectively as investors sold off to take advantage of rising yields in the fixed income market.

Similarly,losses were broad based across sub-sector gauges tracked as they all closed in red zone; the NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices fell by 2.60%, 1.54%, 0.51%, 0.20% and 0.13% respectively. Meanwhile, trading activity was upbeat as total deals, volume and value of stocks traded rose by 21.77%, 74.56% and 79% to 4,972deals, 0.42billion units and N4.7respectively.

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