Negative Sentiments Persistence Tank NGX-ASI Further to 2-Month Low

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Negative sentiments in the Nigeria equity persisted for eight consecutive trading sessions as the market performance indicators (NGX-ASI and Market Capitalization) tanked further by 1.04 percent to a 2-months low. The plunge was driven by price decline in many blue-chip stocks such as NESTLE, WAPCO, GTCO, and 25 others. As a result, the All-Share Index tanked 521.41 points, representing a 1.04 percent decrease, and closed at 49,667.14. While the Market Capitalization lost ₦281.18 to decrease by 1.04 percent and closed at ₦26.78 trillion.

→ Similarly, the market activities were bearish, as the Total Volume and Value dipped by 75.14 percent and 4.49 percent, respectively. About 206.22 million units valued at ₦3.92 billion were transacted in 5,053 Deals. TRANSCORP emerged as the most traded stock in terms of volume, accounting for 18.68 percent of the total volume of trades, followed closely by ZENITHBANK (18.21%), CHAMS (6.59%), GTCO (6.15%), and UBA (6.09%) to complete the top five on the volume chart. While MTNN remained the most traded stock in value terms, with 51.80 percent of the total value of trades on the exchange.

→ On the profitability chat, UPDCREIT let the gainers list by 9.23 percent, followed closed by CUSTODIAN (7.94%), OANDO (3.99%), UCAP (1.00%), TRANSCORP (0.99%) and five others. On the contrary, twenty-eight (28) stocks depreciated, topped by LASACO with a price depreciation of 10.00 percent, to close at ₦0.90, as STANIC (-9.98%), NESTLE (-9.84%), ZENITHBANK (-8.25%), WAPCO (-6.61%), UACN (-6.36%), FLOURMIL (-4.69%), GTCO (-3.57%), JBERGER (3.36%), NGXGROUP (-2.68%), FBNH (-1.35%) and WEMABANK (-0.28%) also dipped in price. In that regard, the market breadth closed remained negative, recording 10 gainers and 28 losers.

→ Conclusively, sectoral performance was broadly bearish as four of the five sectors closed negatively compared to the previous session, led by Consumer Goods (-3.77%), Banking (-3.54%), Insurance (-3.19%), and Industrial Goods (-0.46%), respectively, while the Oil & Gas sector rose by 0.59%.