Equity Declines as Stock Market Halts Three Days Gaining Streak
Equities market of the Nigerian stock exchange (NSE) closed yesterday on a negative note, as the market capitalization shed N236 billion to close at N15,430 trillion compared with the appreciation of 0.22% recorded previously.
The depreciation recorded in the share prices of Dangote Cement, Transcorp, Access Bank, GT Bank, and Nigerian Breweries were mainly responsible for the loss recorded in the Index
The All Share Index (ASI) depreciated by -1.51% to close at 42,952.70 basis points as against +0.22% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +12.31%.
Market breadth closed positive as Eterna Oil Plc led 26 Gainers as against 23 Losers topped by Unity Bank at the end of today’s session- an Improved performance when compared with previous outlook.
Market turnover closes negative as volume moved down by -39.32% as against +76.75% uptick recorded in the previous session. Zenith Bank, Japaul Oil and Sterling Bank were the most active to boost market turnover. Zenith Bank and Dangote Cement topped market value list.
Cadbury leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
According to brokers Market performance across sectors was broadly bearish with renewed sell pressure amidst weakening investors’ sentiment.
The bearish sentiment, they said, is likely to remain till company results are released. This is expected to boost market activity and investor sentiment in coming sessions.