Bears persists at NGX as ASI dips further by 0.5%

On Tuesday, equities trading at the Nigerian Exchange Limited remained bearish as the local bourse witnessed subdued trading activity, marked by a 0.48 percent decline in the All-Share index (ASI), closing at 98,228.50 basis points.

Bearish sentiment in MTN Nigeria Communication, Zenith Bank, and Guaranty Trust Holding Company was significant to the overall performance, causing the drag in the market. Consequently, the Month-to-Date return was flat while the Year-to-Date return moderated to +31.4 percent.

This downturn translated to a corresponding 0.48 percent decrease in the market capitalization of listed equities, amounting to N55.55 trillion, resulting in a total market loss of N268.75 billion. As measured by market breadth, market sentiment was negative as 27 tickers lost relative to 14 gainers.

Notable losers included Unity Bank, First Bank of Nigeria Holdings, Champion Breweries, Livestock, and Wapic Insurance, each recording significant share price declines of -10.00 percent, -9.91 percent, -9.78 percent, -9.71 percent, and -9.33 percent, respectively.

Noteworthy gainers for the session included Presco, Japaul Gold, May & Baker, FTN Cocoa Processor, and Wema Bank, each recording significant share price appreciations.

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Sectoral performance leaned towards the bearish side, with the Banking, Insurance, and Consumer Goods sectors registering declines of 3.11 percent, 1.48 percent, and 0.66 percent, respectively, while the Oil/Gas and Industrial Goods indices remained unchanged.

Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 6.76 percent. A total of 425.66 million shares valued at N8.35 billion were exchanged in 9,620 deals.

United Bank for Africa emerged as the most traded security in terms of volume and value with 102.23 million units, worth N2.68 billion, transacted in 952 trades.