Equities market reverses gain as ASI dips by 0.1%

At the Nigerian Exchange Limited on Thursday, the domestic bourse index reversed previous day’s gain to close at 67,335.30 basis points, marking a modest 0.06 percent decline as market sentiment turned bearish.

Market performance was undermined by sell pressures on some tier 1 banking names, Guaranty Trust Holding Company and Zenith Bank, leading to 3.0 percent and 2.5 percent respective decline in their share prices.

Accordingly, the Month-to-Date (MTD) and Year-to-Date (YTD) gains printed +1.2 percent and +31.4 percent, respectively.

Equities investors, therefore, lost N25.05 billion from their respective cumulative investment as the market capitalisation closed at N36.85 trillion by the end of the day’s trading sessions.

As measured by market breadth, market sentiment was positive as 26 tickers gained relative to 25 losers. On the performance board, Chellaram and Learn Africa recorded the most significant gains after appreciating in share value by 10.0 percent, respectively, while eTranzact and Ikeja Hotel topped the losers’ list having dipped in share value by 10.0 percent and 9.8 percent, respectively.

Sectorial performance was strong as the NGX Banking, NGX Insurance and NGX Industrial Indices rose by 0.68 percent, 0.51 percent and 0.09 percent, respectively, while the NGX Consumer Goods Index fell by 0.28 percent and the NGX Oil and Gas Indices remained unchanged.

However, analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 62.93 percent. A total of 788.54 million shares valued at N14.17 billion were exchanged in 8,810 deals.

United Bank for Africa (UBA) led the volume and value charts with 301.03 million units traded in deals worth N4.89 billion.

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