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Stocks: Sell pressures prevail as market turnover advances by 94.91%

Sell Pressure prevailed on the equities’, market on Thursday 9th November, 2017, as the market performance indices closed on red over losses by highly priced equities.

The Nigerian Equities Market’s All-Share Index declined by 0.24 per cent, pulling the Year- to- date (YTD) return to 37.87 per cent.
The market breadth settled at equilibrium, with twenty two (22) gainers and losers apiece.

The volume of transactions declined by 9.16 per cent, while market turnover advanced by 94.91 per cent.

The price gainers for the day was led by Caverton with 9.46 per cent, followed by International Breweries with +8.38 per cent while MOBIL oil appreciated by 7.84 per cent.

May & Baker and Forte Oil also made the top gainers for the day with 5.00 per cent and 5.00 per cent gains respectively,

The decliners table was led by NPF Micro Finance Bank with -4.62 per cent equity price loss, followed by Law Union and Rock with 4.62 per cent; and Fidelity Bank that declined by 4.14 per cent.

The National Salt Company of Nigeria declined by 3.94 per cent, while Champion Breweries dropped by 3.93 per cent to close the day’s top decliners table.

The performance of sectoral indices for the day showed that the NSEOILG5 gained 1.23 per cent, NSEINS10 gained 0.34 per cent, while NSEFBT10 appreciated by 0.06 per cent.

However, the NSEBNK10 depressed by 0.29 per cent, while NSEIND also declined by 0.47 per cent at the end of trades.

Meanwhile, after two days of consecutive gains, sell pressures dominated the Nigerian bourse, bringing the market to a negative close, a development that was attribute the loss to profit taking activities on counters, which have gained significantly in the past few days; and also on tickers’ trading at relatively high prices.

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