Equities market halts bullish outings as ASI decreases by 0.1%

On Wednesday, the Nigerian equities market recorded its first loss of the week, as sell pressures on Transnational Corporation and Zenith Bank caused a 0.08 per cent decline in the benchmark index as the share prices of these companies dipped by 10.0 per cent and 1.8 per cent, respectively.

The performance at the Nigerian Exchange Limited was subdued by 0.08 per cent as the benchmark index moved southward to 66,439.53 points after hitting a 15-year record high on Tuesday.

Consequently, the Month-to-Date and Year-to-Date gains declined to +3.3 per cent and 29.6 per cent, respectively.

Owing to the dampened overall performance of the index, equities investors at the local bourse lost N27.81 billion on Wednesday as the market capitalization settled at M36.36 trillion at the end of trading activities.

As measured by market breadth, market sentiment was positive as 27 tickers gained relative to 24 losers.

Consolidated Hallmark Insurance and Capital Hotel recorded the highest gains of the day after their respective share prices appreciated by 10.0 per cent, while Transnational Corporation and CWG topped the losers’ list, having lost 10.0 per cent and 9.9 per cent from their respective share prices.

Elsewhere, sectorial performance was positive as three of the five indices tracked closed in positive territory: the NGX Insurance, NGX Consumer Goods, and NGX Industrial indices climbed by 1.46 per cent, 0.32 per cent, and 0.11 per cent, respectively due to positive price movements.

On the contrary, the NGX Banking and NGX Oil & Gas indexes moderated by 0.64 per cent and 0.02 per cent, respectively.

However, activities at the local bourse was impressive as analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 11.08 per cent. A total of 637.19 million shares valued at N7.79 billion were exchanged in 10,033 deals.

Transnational Corporation led the volume and value charts with 292.41 million units traded in deals worth N2.15 billion.

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