March 15 (Lagos) - Driven by negative closes in all key sectors, save for the Industrial
Goods sector, the NSE
ASI fell 54bps yesterday.
Drilling down to sector performances, the Banking sector contributed the most to losses, dropping 145bps on the back of declines in UBN
(-206bps) and ZENITHBANK
Despite a 69bps uptick in sector heavyweight, NB, the Consumer Goods sector (-72bps) was also among losers, weighed by heavy losses in DANGSUGAR
(-474bps) and NESTLE
Also, the Oil & Gas sector lost 27bps as declines in ETERNA
(-476bps) and TOTAL
(-120bps) weighed on the sector.
However, lifted by a modest rise in DANGCEM
(+15bps), the Industrial Goods sector (+9bps) was the sole gainer on the exchange.
Market breadth remained negative with 15 advances and 43 declines.
Indicated by the widely negative market breadth, down trending intra-day chart and red closes across key indices, trading sentiment was poor yesterday. Barring a positive market catalyst, we anticipate another bearish session.
That call of analysts at Vetiva Capital Management Limited is on point as the All Stock Index is lower by almost 1% as at 11 AM which is also the time of writing this article.
reporting for easykobo.com on Thursday, March 15 2018 from Lagos, Nigeria
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