Stocks extend downtrend; sell pressure keeps the new week in negative zone


 Tuesday, March 05, 2013 5:05 PM The Analyst


The equities market closed today on a negative note, as the NSE ASI depreciated by -0.49% to close at 32,784.56 points, compared with the depreciation of -0.71% recorded yesterday. Its Year-to-Date (YTD) return currently stands at 16.76%.

The depreciation in the Index today is as a result of the loss recorded in the share prices of DANGCEM, GUINNESS, CADBURY, FIDELITYBK, SKYEBANK, ASHAKACEM, TOTAL, and DANGFLOUR. The Market Capitalization also depreciated by -0.49%, to close at N10.49trn (US$65.56bn), compared with the depreciation of -0.71% recorded yesterday to close at N10.54trn (US$65.89bn).

NSELII, NSE 30 and Consumer Goods stocks were the most hit today as captured by the NSE sector indices. AIRSERVICE and PRESTIGE led the price winners with above 9% gain each; NSEOIL retraced by +28.46% as NSEBNK also closed positive by +0.95%.
RTBRISCOE lost 8.86% to close at NGN2.16 leading on the losers' chart.

We maintain our previous position, considering the sustained weak bargain posture in recent time amid growing speculative tendency, investors are advised to tread cautiously as market sentiments remained relatively weak, bearing in mind the sustained weak market breadth and overbought postures of most active stocks


Daily Market Report this week:

Mon -040313 – NSE ASI retracts by -0.71%, opens the week negative as sentiments oscillate

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