April 8 (Lagos) - The Nigerian equity market begin the trading week on a negative note closing in
the red, as the
NSE ASI suffered a loss of 1.53% to close at 29,162.24 and
NGN 10,953.56 billion respectively.
Market breadth was at 0.43x as losers exceeded gainers 13-30.
NSE YTD performance closed at 6.14%.
On a sectoral front the key indices we watch suffered losses as the Consumer
Goods, Industrial and Banking sector suffered losses of 0.35%, 0.88% and 2.51%
respectively while the Oil and Gas sector gained a modest 0.08%.
The significant
loss in the Banking sector index was due to the drop in the price of bellwether
stocks -GTB and
UBA shed 82.01 and 19.06 index points respectively on
Monday. Total volume traded rose by 13.63% while total value traded rose by
50.56% as 455.88 million units of shares worth N5.3 billion were traded.
It is not looking good for banking stocks as the bell-weather stock
GUARANTY declined today on high volumes. The stock is now below its 30, 90 and 200 day moving averages. That usually means the stock is now in a bearish trend. Second largest bank
ZENITHBANK also declined on high volume.
In fact
GUARANTY &
ZENITHBANK were the most active stocks today as seen on the trending bar on easykobo.