Equities market reverses previous day’s gain as ASI dips by 0.1%

At the Nigerian Exchange Limited on Thursday, the domestic bourse index reversed the previous day’s gain to close at 67,335.30 basis points, marking a modest 0.06 per cent 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 per cent and 2.5 per cent respective decline in their share prices.

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

Equities investors lost N25.05 billion from their respective cumulative investment as the market capitalization 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 per cent, respectively, while eTramzact and Ikeja Hotel topped the losers’ list, having dipped in share value by 10.0 per cent and 9.8 per cent, respectively.

Sectorial performance was strong, as the NGX Banking, NGX Insurance, and NGX Industrial Indices rose by 0.68 per cent, 0.51 per cent, and 0.09 per cent, respectively, while the NGX Consumer Goods Index fell by 0.28 epr cent 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 per cent. A total of 788.54 million shares valued at N14.17 billion were exchanged in 8,810 deals.

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

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