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Stocks record modest loss on bargain weak; NSE ASI dips by -0.07%

By on May 28, 2013

The equities market closed today on a negative note, as the NSE ASI depreciated by -0.07% to close at 37,358.74 points, compared with the appreciation of +0.10% recorded previously. Its Year-to-Date (YTD) return currently stands at +33.05%.

The depreciation in the Index today is as a result of the losses recorded in the share prices of CADBURY, ASHAKACEM, TOTAL,ACCESS, TRANSCORP, FIDELITYBK,SKYEBANK, OKOMUOIL, ZENTHBANK and GUINNESS. The Market Capitalization also depreciated by -0.07%, to close at N11.94trn (US$74.63bn), compared with appreciation of +0.10% recorded previously to close at N11.95trn (US$74.69bn).

NSE-Oil, NSE-LII and NSE-IND stocks were the most hit today as captured by NSE sector indices. MCNICHOLS and IPWA led the price winners with above 9% gain each; NSE-Food dips by -0.14% as NSE-BNK also moved southwards by -0.20%. BOCGAS lost 10% close at NGN7.47 leading on the losers’ chart.

Market outlook reveals increased profit-taking propensity towards active stocks as market succumbed to moderate sell pressure amid flat breadth, just as we had envisaged in previous report. We want to advise cautious treading as speculative trading may gain tempo in the coming periods while market sentiments appeared mixed.

[Proshare]