Sell pressure dips equities market by 0.3 per cent

The local bourse halts positive trend, on Wednesday, as sell-offs of large capitalised stocks made the All Share Index (ASI) of the Nigerian Stock Exchange (NSE) moderated by 0.26 per cent.

Notably, the bearish return was largely blue to sell pressure on Nigerian Breweries, Guaranty Trust Bank and Zenith, as their stock value declined by 7.1 per cent, 2.7 per cent and 1.6 per cent respectively.

Consequently, the All-Share Index closed at 35,056.82 basis points, just as the market capitalisation closed at N18.3 trillion after investors lost N41.9 billion. Accordingly, Month-to-Date and Year-to-Date gain moderated to 0.0 per cent and 30.6 per cent, respectively.

Equities market sentiment, as measured by market breadth, was also negative, as 22 stocks declined, relative to 19 gainers. C&I Leasing and Mansard Insurance topped the laggard’s list having declined by 9.9 per cent and 9.7 per cent, while AIICO Insurance and Regal Insurance recorded the highest gain of the day by 9.9 per cent and 9.1 per cent respective growth.

The sectoral performance was broadly negative, following losses in the Consumer Goods, Banking and Oil & Gas indices. The Insurance index was the sole gainer of the day, while the Industrial Goods index was flat.

Activity on the local bourse however improved as the total volume of trades increased by 19.7 per cent to 368.97 million units, valued at N5.49 billion, and exchanged in 4,598 deals.

Access Bank was the most traded stock by volume at 46.34 million units while Guaranty Trust Bank was the most traded stock by value at N1.33 billion.

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Sell pressure dips equities market by 0.3 per cent