The Equities market at the Nigerian Exchange Limited recorded its third consecutive loss this week, following profit-taking activities on Airtel Africa, having shed 5.3 per cent off it’s share value.
The domestic equities market continued its downward slide, with the All-Share Index (ASI) dipping by 0.47 per cent to close at 64,625.28 basis points amid sell-offs in mid- and large-cap stocks.
Accordingly, the MTD and YTD gains fell to +0.5 per cent and +26.1 per cent, respectively.
Equities investors, therefore, lost N13.28 billion as the market capitalisation settled at N35.37 trillion by the end of Wednesday trading session.
As measured by market breadth, market sentiment was negative, as 16 tickers lost relative to 22 gainers. On the performance board, NEM Insurance and Sunu Assurance topped the losers’ list after their respective share prices dipped by 10.0 per cent and 8.5 per cent, while Eterna Oil and CWG recorded the highest gains of the day, leaving their share prices with 20.0 per cent and 8?6 per cent respective growth.
Notably, the NGX Insurance index was hit the hardest, plunging by 2.83 per cent due to profit-taking on tickers like NEM Insurance, Sunu Assurance, Guinea Insurance and Cornerstone Insurance causing their respective prices to decrease by 10.00 per cent, 8.51 per cent, 7.89 epr cent, and 7.09 per cent.
Among other sub-indices, performance was mixed: the NGX Banking index fell by 2.83 per cent, while the NGX Consumer Goods and NGX Oil/Gas indexes rose by 2.42 per cent and 0.51 per cent, respectiv
However, trading activity saw an uptick, with both total trading volume and value increasing by 4.01 per cent and 59.99 per cent, respectively. This translated to a total of 291.71 million units traded, amounting to N7.43 billion in value. Notably, Guaranty Trust Holding Company emerged as the most actively traded stock, with 41.75 million shares worth N1.55 billion exchanged across 351 deals.
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