The bearish momentum that characterized trading session in Nigeria’s equities market yesterday continued in today’s market session, as the market recorded a decline of 0.49% to settle at 140,557.24 points.
Consequently, the bearish trend resulted in a decline of N437.54 billion in market capitalization, thereby pulling it down to N88.93 trillion.
According to the data from the market’s supervisory group, the Nigerian Exchange Group (NGX) the bearish sentiment was experienced across the sectors with the Banking index leading the decliners; chart following declines in WEMABANK (-2.39%), ZENITHBANK (-1.29%), UBA (-1.41%), FCMB (-4.55%), and FIDELITYBK (-0.47%).
Similarly, the Consumer Goods index also dipped, pressured largely by CADBURY (-4.00%), CHAMPION (-4.42%), DANGSUGAR (-5.54%), HONYFLOUR (-4.44%), and INTBREW (-3.85%).
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The data further reflected that the Industrial Goods closed lower, as WAPCO (-2.99%) offset gains in AUSTINLAZ (+6.62%), CUTIX (+5.43%), and DANGCEM (+0.04%), while the Oil & Gas edged down marginally.
Conversely, the Insurance index advanced by 0.44%, buoyed by gains in NEM (+7.96%), UNIVINSURE (+4.07%), and WAPIC (+2.29%).
On the trading activity trend in the market, the NGX disclosed that the activity was led by CHAMPION, which recorded 201.05 million units (23% of total volume), while on the value chart, GTCO dominated with N8.86 billion traded value, accounting for 31% of total value, though the stock price slipped 3.11% to close at N92.05.
Overall, the market sentiment remained weak with a market breadth of 0.49x, as 39 decliners outweighed 19 advancers.
