Investors on the domestic bourse remained bearish, with the ASI dropping further by 0.12 percent, as sustained sell pressures in banking stocks outweighed renewed interests in other value stocks.
The market capitalisation, which tracks the overall worth of equities investment, slumped N22.5 billion from N14.734 trillion to N14.712 trillion recorded at the close of trade on Tuesday.
Accordingly, the Month-to-Date and Year-to-Date returns inched lower to -1.55 percent and 6.24 percent respectively.
The banking index was the sole loser among other indices. It fell 1.35 percent following profit taking in the shares of Zenith Bank that dropped 4 percent and Guaranty Trust Bank that declined 0.68 percent. Whereas, demand for Nestle which increased 2.81 percent, Sovereign Insurance that appreciated 5 percent and CAP that grew 2.83 percent caused gains to resurface in the Consumer Goods, Insurance and Industrial Goods indices which grew 1.42 percent, 0.95 percent and 0.08 percent respectively. The Oil & Gas index closed flat.
Market breadth remained negative, albeit narrower, with 25 gainers and 12 losers, led by SOVRENINS (+5.00%) and VERITASKAP (-9.52%) respectively.
Total value of trades spiked 98.47 percent to N4.43 billion, despite decline in volume of trades by 7.05 percent to 203.36 million units, following notable crosses in GUARANTY (15 million units at N44.20), NB (4 million units at NGN124), and NESTLE (200,000 units at NGN1,573). Transactions were executed in 4,090 deals.
Amidst still strengthening macroeconomic fundamentals ( Slower pace of inflation for April came in Tuesday at 12.48 percent, Cordros research analysts says outlook for risky assets remains positive in the medium to long term, despite continued sideways trading.