Local Equities Market Dwindles by 0.14% on Sustained Bearish Activity

The domestic equities market remained bearish, as investors continued to sell off Tier 1 banks’ stocks, leading to the All-Share Index decline  by 0.1 per cent to 21,300.47 points. The Month-to-Date and Year-to-Date losses increased to -18.8 per cent  and -20.7 per cent respectively.

The total volume of trades decreased by 9.6 per cent  to 422.0 million units, valued at NGN1.72 billion and exchanged in 3,448 deals. Sterling Bank was the most traded stock by volume at 303.46 million units while Zenith Bank was the most traded stock by value at N350.40 million.
Analysing by sectors, losses in the Banking (-1.1per cent) and Industrial Goods (-0.1 pet cent) indices masked the gains recorded in the Insurance (+1.6 per cent) and Consumer Goods (+0.5 per cent) indices. The Oil and Gas index was flat.
Market sentiment, as measured by market breadth, was negative (0.8x), as 11 tickers lost, relative to 9 gainers. JAIZBANK (-9.4 per cent) and Ikejs Hotel (-9.1 per cent) were the top losers, while Glaxosmith  (+10.0 per cent) and MayBaker  (+9.7 per cent) recorded the largest gains of the day.
Meanwhile the Naira traded flat at the parallel market and I&E FX window at NGN415/USD and N385.55/USD respectively.