The domestic equities market, on Wednesday, closed southward retreating from the previous day’s gains by 0.09 percent, with the benchmark index dropping to 71,003.98 basis points.
Thus, the Month-to-Date and Year-to-Date returns of the All Share Index (ASI) settled at +2.6 percent and +38.5 percent, respectively.
The market’s weak performance was primarily driven by selloffs in MTN Nigerian Communication alongside Dangote Sugar and United Bank for Africa as these high-capitalised companies’ share prices dipped by 0.63 percent, 1.64 percent and 0.24 percent, respectively.
Meanwhile, the market capitalisation lost N34.46 billion to close at N39.05 trillion.
As measured by market breadth, market sentiment was positive, as 35 tickers gained relative to 15 losers. On the performance board, Daar Communication and R.T. Briscoe topped the gainers’ list after their respective share prices appreciated by 10 percent, while C&I Leasing and Prestige Insurance recorded the highest losses of the day having lost respective 7.6 percent from their share prices.
Sectoral performance was varied as two sectors gained as against two that lost while one stayed unchanged. Thus, the Banking and Insurance sectors posted marginal gains of 0.19% and 0.75%, while the Consumer Goods and Industrial Goods saw losses of 0.19 percent and 0.08 percent, and then the Oil/Gas index remained unchanged.
Market activity showed further improvement as the total deals advanced by 1.95 percent to 6,677 trades, while the total traded value for the day surged by 128.85 percent to N7.37 billion.
However, the total volume declined by 12.81 percent to 428.44 million units. The session’s top trading volume was led by Veritas Kapital, with 62.08 million units valued at N22.87 million, involving 125 trades, while MTN Nigeria Communication was the most traded in terms of value, amounting to N2.81 billion.
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