Local stock market dips by 0.6 per cent

The Nigerian equities market remained bearish at the close of trading activities on Wednesday, leaving the All-Share Index (ASI) at 39,045.13 basis points after declining by 0.6 per cent.

The bearish trend recorded for the day followed sell-offs of MTN Nigeria and Zenith Bank stocks, having lost 2.9 per cent and 0.2 per cent, respectively.

Accordingly, Month-to-Date and Year-to-Date losses increased to -1.9 per cent and -3.0 per cent respectively.
As measured by market breadth, market sentiment turned negative as 22 stocks lost relative to 18 gainers.

On the performance chart, DAAR Communication and Wema Bank were the top losers of the day, having decreased their value by 8.7 per cent and 8.1 per cent, while Linkage Assurance and Meyer topped the gainers’ list with ten per cent and 9.8 per cent increase in their respective share value.

Sectoral performance was however mixed, as the Insurance and Consumer Goods indices gained by 2.2 per cent and 0.4 per cent respectively, while the Banking (-0.8 per cent) index declined by 0.8 per cent. The Industrial Goods and Oil & Gas indices closed flat.

There was an uptick in activity level on Wednesday as the total volume of trades increased by 3.3 per cent to 347.17 million units, valued at N2.80 billion, and exchanged in 3,990 deals.

Wema Bank stocks was the toast of investors as it made the most traded stock by volume at 94.05 million units, while Seplat was the most traded stock by value at N519.92 million.

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Local stock market dips by 0.6 per cent