Equities market further dips by 0.5% as investors lose N437.5bn

The local equities market intensified its bearish sentiment on Thursday, as the All-Share Index (ASI) of equities on the Nigerian Exchange (NGX) shed 0.49 percent to close at 140,557.24 basis points.

As a result, the year-to-date (YTD) return moderated to 36.56 percent from 37.23 percent in the previous session.

Market capitalisation also fell by N437.54 billion, settling at N88.93 trillion.

The downturn in the market was largely underpinned by selling pressure in select bellwether stocks namely, Guaranty Trust Holding Company, Lafarge Africa, Dangote Sugar and Zenith Bank, having dipped 3.11 percent, 2.99 percent, 5.54 percent and 1.29 percent.

Market sentiment remained weak, as indicated by a negative breadth with 18 stocks advancing against 39 decliners.

Notable performers included SCOA Nigeria, RT Briscoe Nigeria, NEM Insurance, Nigerian Exchange Group and McNichols Consolidated while LASACO Insurance, Omatek Ventures, Ellah Lakes, Royal Exchange and Sunu Assurance Nigeria were among the significant laggards.

Sectoral performance was broadly negative, with only the Insurance Index closing in the green. The Banking Index led the market sentiment by 1.41 percent gain, followed closely with Consumer Goods Index, Industrial Index, and the Oil & Gas by 0.92 percent, 0.45 percent and 0.02 percent.

Trading activity showed varied dynamics as the number of deals dropped by 8.82 percent to 26,163, whereas trading volume and value increased significantly by 29.60 percent to 885.02 million units and 27.35 percent to N28.3 billion, respectively.

Champion Breweries was the most traded stock by volume at 201.05 million units, while Guaranty Trust Holding Company was the most traded stock by value at NGN8.89 billion.

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