Bearish sentiments persisted in the local bourse, on Wednesday, as the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) shed by 0.5 per cent to 50,188.55 basis points, to post its seventh consecutive session decline.
Notably, sustained sell-offs in MTN Nigeria stock undermined the market’s performance, as the Telco heavyweight depreciated in value by 1.3 per cent.
In addition, losses in Tier-1 banks, Guaranty Trust Holding Company, Access Holdings and Zenith Bank contributed to keep the market in the red after the shares of these Tier-1 banks depreciated by 3.9 per cent, 4.5 per cent and 1.9 per cent, respectively.
Accordingly, the Month-to-Date and Year-to-Date return moderated to -3.1 per cent and +17.5 per cent, respectively.
Equities investors, therefore, added N136.9 billion loss to their declining net worth as the market capitalisation settled at N27.06 trillion by the end of trading activities on Wednesday.
As measured by market breadth, market sentiment was negative as 32 tickers lost relative to three gainers.
On the performance board, Jaiz Bank and Prestige Insurance topped the losers’ list, having lost ten per cent each from their share prices, while FCMB and Nasco recorded the highest gains of the day after their respective share values appreciated 3.3 per cent and 0.9 per cent, respectively.
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Analyses by sectors indicated that the Banking, Insurance and Oil & Gas indices declined in value by 2.3 per cent, 1.1 per cent and 1.1 per cent, respectively, the consumer Goods index gained marginally by 0.1 per cent, while the Industrial Goods index closed flat.
Further, look into market activities for the day under review showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 39.79 per cent. A total of 829.51 million shares valued at N4.11 billion were exchanged in 4,977 deals.
Transnational Corporation led the volume chart with 23.27 million units traded while MTN Nigeria led the value chart in deals worth N1.13 billion.
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