February 25, 2021/Cowry Asset
The local bourse index contracted by 0.31% to 40,095.49 points amid renewed profit taking activity even as the Exchange printed 24 losers as against 14 gainers at the close of trading session. Hence, the year-to-date loss of the NSE ASI worsened to -0.43%.
Sentiment was negative in the equities market as yields continue to journey northwards at the fixed income space. We saw the 364-day T-bill rise to 5.5% at the primary market yesterday. Specifically, share prices of ZENITHBANK, NB, ACCESS and UACN moderated by 1.71%, 3.70%, 4.71% and 5.03% respectively.
Notably, losses were broad based as four out of the five indices tracked closed in red save the NSE Insurance index which rose by 0.24%. The NSE Banking, NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indices fell by 1.44%, 0.79%, 0.14% and 0.001% respectively. Meanwhile, trading activity was weak as total deals, volume and value of stocks traded fell by 16.51%, 30.56% and 47.56% to 4,567 deals, 0.32 billion units and N3.7 respectively as investors stay on the sidelines.
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