The Nigerian bourse closed down on the second trading session of the week amid sell offs in some bellwether stocks. The All Share Index declined 1.4% settling at 24,090.98 points. The negative market performance was broadly driven by price depreciation in DANGCEM (-4.9%), ETI (-3.9%) and FBN HOLDINGS (-2.9%). The market lost N114.3bn in value as market capitalization eased to N8.3tn. Activity level also worsened as volume and value traded dipped 94.2% and 78.8% to 201.5m units and N1.3bn respectively.
Consumer Goods Sector Lead Gainers
The Consumer Goods index grew 0.4% on further gains in NIGERIAN BREWERIES (+1.1%) and 7UP (+1.8). Similarly, the Insurance index rose 0.2% on account of price appreciation in CUSTODYINS (+2.5%) and CONTINSURE (+3.3%). On the reverse, the Banking Index dipped the most, down 1.0% against the backdrop of sell pressures in ETI (-3.9%) and FBN HOLDINGS (-2.9%). Huge decline in DANGCEM (-4.9%) and OANDO (-5.0%), dragged the Industrial Goods and Oil & Gas Indices to shed 0.5% and 0.3% respectively.
Negative Market Sentiments
Market breadth measured by ratio of advancers and decliners weakened, closing at 0.5 (relative to 0.9x in the previous trading session) after 12 stocks advanced against 26 decliners. Top gainers includes UNITYBNK (+7.4%), WAPCO (+5.0%) and HONYFLOUR (+4.4%) while DIAMOND (-7.4%), CHAMPION (-5.0%) and OANDO (-5.0%) depreciated the most. We expect the market to continue to trade sideways as investors take strategic position in dividend paying stocks ahead of the earnings season while taking advantage of irregular price movements.