The Nigerian bourse started the week in the negative region as the All‐Share Index slipped further by 0.04%, thus settling the YtD return lower at 8.40%. The market breadth settled at 1.75x, as thirty‐five (35) gainers outpaced twenty (20) losers.
GLAXOSMITH and CUSTODIAN closed today as joint top gainers, as both counters recorded a 10.00% price appreciation which took their closing prices up to new year highs of NGN28.05 and NGN4.51 respectively. Other gainers today were MULTIVERSE (+9.52%), FIDSON (+9.49%) and UNITYKAP (+9.09%). Topping the losers’ chart was FO, as its price dipped by 9.09% to NGN40.00. Other losers in the day were ROYALEX (‐6.06%), UNILEVER (‐4.98%), DIAMONDBNK (‐4.65%) and FTNCOCOA (‐4.55%).
Sector performance as measured by the NSE sector indices showed weak sector performance across all but the Insurance and Consumer goods sectors, as the NSEINS10 and NSEFBT10 indices recorded respective advancements of 1.28% and 0.26%. Selling pressure on some heavyweights in the banking and oil & gas sectors dragged the market to a negative close. We however expect bargain hunting activities to push the market to a positive close at the end of the week.
