Sell pressures in Nigerian Banking stocks drag down ASI to 0.88% lower as market cap loss hits N111bln

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Sell pressures in Nigerian Banking stocks drag down the All Share Index (ASI) to 0.88% lower as market capitalization loss hits N111 bln which settled at N12.5 trillion, Naija247news has learned.

In the same vein, activity level fell as volume and value traded slid 17.9 percent and 4.2 percent to 164.5 million units and N2.1 billion respectively.
The top traded stocks by volume were GUARANTY (23.9m), UBA (15.2m) and SKYE (11.7m) while GUARANTY (N860.2m), STANBIC (N236.2m) and ZENITH (N210.1m) led by value.
Across sectors performance was negative as 3 of 5 indices closed southwards.
The banking and consumer goods indices shed 2.5 percent and 1.1 percent respectively following sell-offs in GUARANTY (-4.6%), ZENITH (-2.1%) UNILEVER (-6.4%) and INTBREW (-3.0%).
Similarly, losses in WAPIC (-10.0%) and AIICO (-5.6%) dragged the insurance index 0.2 percent lower.
On the flip side, the industrial goods and oil & gas indices gained, rising 0.4 percent and 0.1 percent respectively due to price appreciation in DANGCEM (-0.5%), WAPCO (-0.4%) and FORTE (-5.0%).
Investor sentiment as measured by market breadth (advance/decline ratio) softened to 0.6x from 0.8x recorded yesterday as 19 stocks advanced against 31 that declined.
The best performers were AGLEVENT (+10.0%), FIDSON (+9.1%) and SOVRENINS (+8.7%) while WAPIC (-10.0%), ETERNA (-9.4%) and LAWUNION (-9.1%) were the worst performers for the day.
Due to the absence of positive drivers, equities market analysts at Afrinvest maintain a bearish outlook for the market in the near term.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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