The Nigerian equities market begins the new week on red note as sell-off activities on some banking stocks rub off on the benchmark index.
The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) settled lower by 0.2 per cent to 46,893.86 basis points.
Notably, losses in FCMB Group, Zenith Bank and FBN Holdings contributed to the overall bearish sentiment as the value of their respective shares depreciated 6.89 per cent, 2.28 per cent and 2.11 per cent.
Consequently, the Month-to-Date loss increased to -1.1%, while the Year-to-Date return moderated to +9.8 per cent, while market capitalisation lost N35.57 billion to close at N25.28 trillion.
As measured by market breadth, market sentiment was, however, positive as 18 tickers gained relative to 16 losers. On the performance chart, Beta Glass and PZ recorded the highest gains of the day as their respective shares added 9.9 per cent and 9.7 per cent, while Learn Africa and Unity Bank topped the losers’ list having lost 9.7 per cent and 8.2 per cent from their respective shares.
Performance across sectors was mixed, as the Banking, Insurance and Oil & Gas indices declined by 4.4 per cent, 0.3 per cent and 0.1 per cent respectively, while the Consumer Goods and Industrial Goods indices recorded gains by 0.2 per cent and 0.1 per cent respectively.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 37.54 per cent.
Meanwhile, the total volume traded increased by 103.2 per cent to 359.89 million units, valued at N2.61 billion, and exchanged in 5,163 deals.
Transnational Corporation was the most traded stock by volume at 92.00 million units, while Seplat was the most traded stock by value at N368.37 million.
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