Short-sellers stocks’ halt four-day gaining streak

At the close of yesterday’s session, equity prices retreated as the All Share Index [ASI] closed lower, with the stock market closing on a negative note.

Specifically, the Nigerian Stock Exchange [NSE] ASI depreciated by 0.42 per cent to close at 30,199.15 basis points, compared with the 0.35 per cent appreciation recorded on Tuesday.

NSE’s Year-to-Date (YTD) returns currently stands at 12.86 per cent.

Market breadth also closed negative as Oando led 15gainers against 21losers topped by Arbico at the end of yesterday’s session- an unimproved performance when compared with previous outlook.

Market turnover equally closed negative as volume declined by 15.45 per cent against 134.93 per cent surge recorded in the previous session.

Oando, FBNH and Guaranty were the most active to boost market turnover. Nestleand Oando topped market value list.

Volume shockers included Wema Bank which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

Meanwhile, analysts observed increasing risk parity trading strategies in the market.

In yesterday’s trade, weakness remains visible in the industrial goods sector as the sector’s index lost 1.51 per cent following losses from the cement heavyweights.

Besides, the banking sector was down by 0.12 per cent, and insurance sector shed 0.07 per cent, while some strength emerged among oil and gas and consumer goods stocks.

The day’s performance was predominantly driven by Dangote Cement (2.60 per cent, ₦164.55), GTBank (0.21 per cent, ₦24.05), Lafarge Africa (0.51 per cent, ₦98.99), Flourmill (1.91 per cent, ₦21), Transcorp (1.89 per cent, ₦2.08), and Diamond Bank (1.72 per cent, ₦2.85).