Bears halt rally on NGX market as ASI down 0.4%

The NGX stock market halted a six-day bullish streak due to profit-taking in BUAFOODS (-6.5%), OANDO (-10.0%), and FIRSTHOLDCO (-3.3%), dragging the NGX-AST lower by 0.4% to 17.3% (previously: capitalisation fell 0.4% to N76.5tn. Meanwhile, activity level varied as volume traded rose 3.6% to 893.0m units while value traded fell 30.4% to N18.2 bn. Performance across sectors, was bearish as four indices closed in the red while the other two gained.
The Consumer Goods and Oil & Gas indices led the laggards, down 1.4% and 1.3%, respectively, following price decline in BUAFOODS, DANGSUGA (-2.9%), and OANDO (-10.0%). Similarly, the Banking and AFR-ICT indices fell 0.6% and 0.1%, accordingly, owing to price depreciation in FIRSTHOLDCO (-3.3%), ACCESSCORP (-2.0%), MTNN (-0.1%), and CWG (-5.2%). Conversely, the Industrial Goods and Insurance indices rose 2.1% and 1.1% respectively, on the back of gains in BUACEMENT, CUTIX, NEM and WAPIC.
Investor sentiment, as measured by market breath, weakened to -0.07x (previously: 0.94x) as 33 stocks gained, 37 lost while 58 were unchanged.