(Greenwich Merchant Bank): The new week kicked off on a bearish note due to price depreciations in GUARANTY (-2.6%), NB (-5.3%) and INTBREW (-3.8%), leading the NSE-ASI to slip 0.22%, and the YtD return to moderate to -4.2%.
Likewise, the activity level declined as the volume and value of transactions dipped 37.2% and 33.2% apiece. Topping the volumes’ chart was FBNH with 31.2mn units (16.9%), while NOTORE led the turnover table with NGN1.4bn (54.6%).
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Also, market breadth settled at 0.89x, as sixteen (16) bulls were up against eighteen (18) bears.
Performance at the sectorial pane was uneven as the Insurance (+2.0%) and Oil & Gas (+0.7%) sectors closed green, while the Consumer Goods (-1.5%) and Banking (-1.0%) sectors ended the day in red. However, the Industrial Goods sector closed flat.
The equities market remains depressed as selloffs across top counters persist. We posit that this selling pressure may linger in the next trading session, amidst the rising fixed-income yields.
