The equity market today

NSE… In the absence of active buying activity, the Nigerian Equity market tanked further at today’s session. Heavy throbbing in large caps: FBNH(-3.73%), Guinness(-1.73%), GTB(-1.73%) and Nig.Brew.(-0.83%) pushed the benchmark index further southward. Most sectoral indices on the exchange reeled under pressure with the Insurance counters leading the pack. NSEIND and NSEOILG were the only sub-indices that closed in the green, on the backdrop of Wapco(+4.13%) and ForteOil(+1.90%) NSEASI lost 0.25% to close at 30,436.18bps. In the broad market, decliners thumped advancers 32 to 14 leaving 68 issues unchanged. Market activity level depreciated today; trades valued at N4.21bn represents 4.05% decrease from the last session. Top worst performers were Pharmadeko(N2.14), Livestock(N1.76), and Portpaint(N3.96) while Transexpr(N1.10), 7-Up(N190.00), and CCNN(N9.14) led the gainers’ list. Buying opportunities abound in highly capitalized stocks; buy into penny stocks with strong fundamentals and you may consider stocks trading below its 52yr lows NASD… The Equities market recorded a negative trend as all the stocks traded southwards thereby losing N2bn in market capitalization to close at N541bn as against N543.82bn recorded yesterday. 17deals was executed today, amongst which 14deals recorded negative price changes and 3 remaining unchanged to offer an activity level of 19,885,431units in total volumes of stocks and N78,310,932.48 in value traded.   NDEP Plc led the losers pack to record a price difference of -N4.01 to close at N149.99, Friesland Campina WAMCO Plc followed by losing -N1.10k to close at N298.90k, Partnership Plc  lost -0.15k, while Trustbond  Plc and CSCS Plc  both lost -0.07k and -0.01k. For the unchanged prices; Cappa & Dalberto Plc, Food Concepts Plc, and IGI Plc closed at N79.00, 0.85k, and 0.50k respectively. As for volumes; CSCS Plc traded 13,051,931units, Partnership Investment Plc traded 6,821,000units to record the highest volumes traded for the day. Clearly we still maintain a neutral stand even as we expect more long term bargain hunting trades from investors. For more information on the market report click here.