Bearish sentiments persist at NGX as market went down by 0.1%

Nigerian equities extended losses for the fourth consecutive session to open the week 0.05 per cent lower.

On Monday, the All-Share Index (ASI) closed 0.05 per cent weaker to settle at 49,346.40 basis points, the lowest point since 28 April.

Basically, selloffs in Ecobank Transnational Incorporated, United Bank for Africa and Guaranty Trust Holding Company contributed to the overall lull at the Nigerian Exchange Limited (NGX) as their share prices dipped by 5.66 per cent, 0.70 per cent and 0.25 per cent.

Consequently, the year-to-date (YTD) return fell to 15.52 per cent, with market capitalisation down N13.06 billion to close at  N26.62 trillion.

Market breadth closed negative with declining issues outnumbering advancing ones. FTN Cocoa topped 17 others on the laggard’s log, while Courtville led seven others on the leader’s table.

Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.97 per cent.

A total of 122.74 million shares valued at N1.30 billion were exchanged in 3,915 deals. Transcorp led the volume chart with 9.23 million units traded, while MTN Nigeria led the value chart in deals worth N206.42 million.

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