Losses in the Nigerian equities market extended into the third consecutive trading session Wednesday as the NSE All-Share Index (NSEASI) fell 0.96 percent (96bps) to close at 43,963.40 points.
The losses further contracted market year-to-date (YTD) gain to 15.0 percent while market capitalization pared N143 billion to settle at N15.8 trillion
Although sell pressure was broad-based, sustained profit taking in banking stocks – GUARANTY (-2.1%), ZENITH (-3.1%) and FBNH (-4.0%) – was a major contribution to the day’s negative close.
Equally, market activity level softened as volume and value traded declined 27.3 percent and 32.4 percent to 536.4 million units and N5.2 billion respectively.
Sector performance was mixed as three of five indices closed in the red. The banking index, like in the previous session, led the laggards closing 3.1 percent lower following declines in GUARANTY (-2.1%), ZENITH (-3.1%) and ACCESS (-3.9%).
Similarly, the insurance index lost 1.9 percent on price depreciation in CONTINSURE (-4.7%) and CUSTODIAN (-1.3%) while sell-offs in ETERNA (4.9%) pulled the oil & gas index 0.1 percent lower.
Conversely, the consumer and industrial goods indices appreciated 0.5 percent apiece, buoyed by buying interest in NIGERIAN BREWERIES (+2.1%), NESTLE (+0.3%) and WAPCO (+1.0%).
Market breadth (advance/ decline ratio) stayed flat at 0.3x as was the previous trade consequent on 11 stocks advancing against 43 decliners.
The day’s best performing stocks were MAYBAKER (+4.9%), TRANSEXPRESS (+4.0%) and WAPIC (+3.6%) while the worst performers were FCMB (-9.7%), DIAMOND (-9.6%) and FIDELITY (-9.5%).
The three consecutive days of sustained profit taking by investors, according to analysts may not rule out the possibility of some bargain hunting in subsequent trading sessions.
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