Equities market record sixth-day loss as ASI dips by 0.1 per cent

Equities trading on the Nigerian Stock Exchange (NSE) sustained its downward trend for the sixth consecutive session, on Thursday, as investors milked profits from high capitalised stocks.

Precisely, the All-Share Index (ASI) dipped by 0.1 per cent to 24,625.24 points. Accordingly, the Month-to-Date and Year-to-Date losses increased to -2.5 per cent and -8.3 per cent, respectively.

Market Capitalisation also depreciated by 0.1 per cent or N15.56 billion to close at N12.85 trillion.

Profit-taking on the stocks of MTN Nigeria, Zenith Bank and FBN Holdings largely contributed to the negative outing on Thursday as they depreciated by 0.4 per cent, 1.5 per cent and 0.9 per cent respectively.

Market sentiment, as measured by market breadth, was however positive, as 9 stocks gained, relative to eight losers on the performance chart.

Neimeth and Wema Bank were the top gainers of the day having appreciated by 9.7 per cent and 9.1 per cent respectively, while Linkage Assurance and Japaul Oil 7.7 recorded the largest losses with 9.4 per cent and 7.7 per cent respective decline.

The sectoral performance was broadly negative following losses in the Insurance and Banking indices. The Consumer Goods, Industrial Goods and Oil & Gas indices were flat, as large-cap stocks in the respective indices traded sideways.

The total volume of trades decreased by 31.2 per cent to 130.28 million units, valued at N1.62 billion and exchanged in 3,413 deals. Zenith Bank was the most traded stock by volume at 18.95 million units, while MTN Nigeria was the most traded stock by value at N552.32 million.

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