The Nigerian equities market extended its losing streak to six consecutive sessions on Wednesday, with the NGX-ASI declining by 0.07% to 250,096.75 points.
As expected, the marginal decline reduced the index’s year-to-date gain to 60.72%, while market capitalisation dipped to N162.39 trillion, representing an estimated N110.16 billion decline in investors’ wealth.
Data from the Nigerian Exchange Group (NGX) on the local equities’ trading trend indicated that despite the extended run of losses, the daily decline remained modest.
Also, market breadth remained negative, with 30 decliners against 23 advancers, resulting in a breadth ratio of 0.77x. The Up/Down volume ratio stood at 0.76x, indicating that declining stocks accounted for a larger share of traded volume.
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The data from the NGX on the equities market’s performance further reflected that sectoral performance remained largely negative, with the Banking Index declining by 0.36%, while Consumer Goods and Oil & Gas fell by 0.08% and 0.09%, respectively, as losses in GTCO, UBA, DANGSUGAR, PZ, JAPAULGOLD and OANDO weighed on the respective sectors.
Although the Insurance edged higher by 0.03%, supported by WAPIC and ROYALEX, trading activity also weakened, with volume falling by 22.84% to 446.91 million shares, traded value declining by 36.44% to N22.92 billion and deals decreasing by 5.30% to 38,808.
In a related development, the NASD NSI declined by 0.21% to 4,395.50 points, reducing its year-to-date gain to 24.04%, while market capitalisation fell to N2.64 trillion.
Similarly, the Exchange’s trading activity significantly weakened, with volume declining by 61.82% to 1.13 million units, traded value falling by 11.90% to NGN155.30 million and deals dropping by 40.43% to 28.
The decline was attributed to weakness in SDFOODCPT, while market breadth was evenly balanced at one gainer and one loser.
