Stock Market Reverses Gains

The NSE ASI reversed the gains of the previous days  during today's trading session, shedding 17bps to close at 26,871.24pts; thus bringing the YTD performance to -22.5%. Today's decline was predominantly spurred by sell offs in NIGERIAN BREWERIES (-5.0%), PZ (-5.0%) and UBA (-4.1%). Market capitalization also dipped N16.2bn to close N9.2tn. Activity level equally fell as aggregate volume and value declined 62.3% and 41.2% to close 149.9m units and N1.6bn respectively

Oil & Gas Index Outperforms
The Oil & Gas index maintained its gaining streak in today's trading session, appreciating 3.3% on the back of gains in MOBIL (+9.8%) and FORTE OIL (+5.0%). Against increases in WAPCO (+3.0%) and CUTIX (+4.9%), the Industrial Goods basket also improved 1.1%. On the flip side, the Consumer Goods sector led losses with 1.8% driven by the 5.0% depreciations recorded in NIGERIAN BREWERIES and PZ a piece. The Banking index also dipped 0.4% while the Insurance sector closed flat.

Positive Market Breadth
Market breadth measured by the advancers' versus decliners' ratio stayed positive at 1.8x today (22 advancers/11 decliners). MOBIL (+9.8%), UNITY BANK (+9.3%) and TRANSCORP (+9.0%) led the gainers chart while top losers were NIGERIAN BREWERIES (-5.0%), PZ (-5.0%) and AVON CROWN (-4.6%). We recommend that investors should continue to maintain a medium to long term view as the market will most likely close negative for the year.