The Nigerian Exchange closed with its All-Share Index down by 0.05 percent, marking five consecutive days of declines attributed to sell-offs in major banks. Market capitalization decreased by 0.05 percent, leading to negative Month-to-Date and Year-to-Date returns, while trading activity showed significant reductions across key metrics.
On Thursday at the Nigerian Exchange (NGX), the All-Share Index experienced a decline of 0.05 percent, closing at 104,858.77 basis points, marking the fifth consecutive session of falling stock values. This downturn was influenced by sell-offs in key stocks, particularly Zenith Bank and Access Holdings, contributing to an overall bearish trend in the market.
Additionally, the market capitalization fell by 0.05 percent, resulting in a loss of N35.3 billion, which brought the total equity value to N65.75 trillion. As a result, the Month-to-Date and Year-to-Date returns adjusted to -2.8 percent and +1.9 percent.
Investor sentiment remained low, as evidenced by a negative market breadth where 14 stocks advanced while 28 declined. Among the gainers were Computer Warehouse Group and Wapic Insurance, while Livestock Feeds and Custodian Insurance led the losses.
Sectors saw a lackluster performance, with the Insurance and Consumer Goods sectors witnessing modest gains of 0.13 percent and 0.39 percent respectively. In contrast, the banking sector fell by 0.43 percent, and the Oil/Gas, Industrial Goods, and Commodities sectors reported no change.
Trading activity was notably subdued, exhibiting a decline in deals, transaction volume, and transaction value by 15.23 percent, 77.28 percent, and 49.51 percent respectively. A total of 10,182 transactions valued at N6.25 billion with 310.53 million units traded were recorded, with Fidelity Bank being the most traded stock by volume.
In summary, the Nigerian Exchange continues its bearish trend, with the All-Share Index falling consecutively over five days due to significant sell-offs. Investor sentiment remains weak, reflected in declining trading activity and negative market breadth, while sector performances vary across the board. The decline in market capitalization underscores the challenging conditions affecting investor confidence.
Original Source: www.zawya.com
