Bears persist as equities market further shed 0.4 per cent

Weak sentiments continued to pervade the domestic bourse as the All-Share Index of the Nigerian Stock Exchange (NSE) dipped by 0.4 per cent to 24,655.05 points on Wednesday.

Market capitalisation shed N49.56 billion at it settled at N12.862 trillion. Accordingly, the Month-to-Date and Year-to-Date losses increased to -2.4 per cent and -8.2 per cent, respectively.

The negative trend was largely caused by selloffs of large caps, Seplat and Nigerian Breweries led the market to its fifth consecutive loss.

Market sentiment, as measured by market breadth, was negative, as 22 stocks declined, relative to 17 gainers. Sentiment remained weak in the market as tickers such as Seplat, Guinness Nigeria, GlaxoSmithKline and Nigeria Breweries moderated by 9.98 per cent, 9.09 per cent, 9.30 per cent and 3.61 per cent respectively.

On sectoral performances, the Oil & Gas and Consumer Goods indices declined, the Insurance and Banking indices closed higher, while the Industrial Goods index closed flat.

However, the sectorial performance was mixed: the NSE Banking and NSE Insurance index rose by 0.24per cent and 0.87 per cent; while the NSE Consumer Goods and NSE Oil/Gas Index tanked by 1.63 per cent and 4.11 per cent. The NSE Industrial Index closed flat.

Meanwhile, market activity was upbeat as the volume and value of stocks traded rose by 12.69 per cent and 23.82 per cent to 0.18 billion units and N1.9 billion respectively.

FBN Holdings, Zenith Bank, Access Bank, Japaul Oil and United Bank for Africa ended the trading day as top performers in terms of volume while Zenith Bank made the top performer in terms of the value of units traded.

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