(Greenwich Merchant Bank): The bears regained their stance in today’s trading session as the Broad index reversed its previous gain to record -1.80% due to selling pressures in MTNN (-5.9%), ZENITHBANK (-2.0%) and WAPCO (-8.0%). As a result, the YtD return narrowed to – 3.9%.
On the other hand, the activity level grossly improved, as the volume and value of traded units rose 64.8% and 110.8% respectively. UBA topped the volumes’ chart with 123.3mn units (25.2%), while MTNN led the values’ chart with NGN2.4bn (36.5%). Nonetheless, investors’ sentiment dampened as fourteen (14) bulls were against twenty-five (25) bears, thereby pinning the market breadth at 0.6x.
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The bear’s grasp was also evident across most of the NSE sectoral indices, save for the Consumer Goods (+0.3%) sector that closed green. The Banking (-5.2%), Insurance (- 2.9%), Industrial Goods (-0.4%) and Oil & Gas (-0.1%) sectors all closed south.
Notwithstanding the uptick in the Consumer Goods sector courtesy of the upbeat in the share price of DANGSUGAR, the plunge across the Banking counter largely drove the bearish market on the back of a not so good corporate action by a major player in the sector. Thus, we anticipate that in the subsequent session, the local bourse may maintain this southward trend with increased selloffs and slight pockets of bargain hunting activities.
