The local bourse was bearish today as the ASI declined by 1.53% to close at 34,242.83 from 34,774.08 points. Market capitalization similarly declined by 1.53% to settle at N17.892trillion.

A total volume of 9.36 billion units of shares, valued at N12.02billion exchanged hands in 8,712deals. UACN-PROP was the most traded shares by volume and value at 8.51 billion units and N5.96billion respectively.

Market breadth index was negative with 30 losers against 17 gainers. OANDO (-10.00%) led the laggards today, while BOC GAS (+9.96%) was the top gainer.

Across sectors, four of the indexes under our coverage closed south. The Industrial and Consumer Goods sectors recorded the largest decline depreciating by -3.33% and -3.21%. Likewise, the Oil & Gas and Insurance sectors trailed by -0.87% and -0.49% respectively. The Banking index closed as the lone gainer advancing by +0.75%.

MorganCapital Research