Equities market sustains previous day sentiments, sheds 0.1 per cent

The local bourse sustained previous day’s bearish performance, with the benchmark index, All Share Index (ASI) recording its fourth loss in five consecutive trading sessions to close 35,033.74 basis points.

Howbeit marginal, equities trading on the Nigerian Stock Exchange (NSE) closed with 0.09 per cent decline as investors lost N16 billion on Tuesday leaving the market capitalisation at N18.31 trillion.

Thus, Month-to-Date return declined to 0.0 per cent, while Year-to-Date gain moderated to 30.5 per cent.

The negative outing was largely contributed by sell-offs on Zenith Bank, Access Bank and Flour mills of Nigeria, whose shares declined by 1.3 per cent, 2.4 per cent and 4.5 per cent respectively.

Market sentiment, as measured by market breadth, was negative, as 17 tickers declined, relative to 14 gainers. Regal Insurance and Wapic Insurance recorded the largest losses of the day after depreciating in value by 8.3 per cent and 4.8 per cent, while FTN Cocoa and Royal Exchange topped the gainers’ list with 9.7 per cent and 9.5 per cent respectively.

Performance across sectors was broadly negative, as three indices closed red. NSE Banking index lost 0.3 per cent, Industrial Goods shed 0.1 per cent while Consumer Goods declined by 0.1 per cent. The Insurance and Oil & Gas indices recorded gains by 0.5 per cent and 0.3 per cent respectively.

The activity was also tepid as the total volume of trades decreased by 5.1 per cent to 307.72 million units, valued at N3.27 billion, and exchanged in 4,507 deals.

United Bank for Africa was the most traded stock by volume and value at 142.44 million units and N1.20 billion, respectively.

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