The Nigerian equities market extended its bearish run on Wednesday, with the NGX All-Share Index (ASI) declining for the seventh consecutive trading session as renewed sell pressure in oil and gas, insurance and consumer goods stocks weighed on market performance.
The All-Share Index fell by 0.36 per cent to close at 240,750.47 points, dragging the market’s year-to-date return down to 54.71 per cent. The decline also wiped N555.68 billion off the market capitalisation, which closed at N155.42 trillion.
The latest decline was driven largely by heavy losses in International Energy Insurance Plc and Aradel Holdings Plc, which each shed 10 per cent, while International Breweries Plc fell 3.8 per cent and Nigerian Exchange Group Plc declined 2.3 per cent.
The sustained sell-off highlights continued profit-taking by investors following the market’s strong gains earlier in the year, with the benchmark index now extending its losing streak to seven trading sessions.
Despite the bearish close, trading activity strengthened significantly, with total volume traded rising by 177.65 per cent to 1.19 billion shares. Turnover also increased by 37.62 per cent to ₦37.82 billion, although the number of deals declined by 3.19 per cent to 34,546 transactions.
Fidelity Bank’s insurance subsidiary, Fidelity Insurance, was the most traded stock by volume, accounting for 610.68 million units, while MTN Nigeria Communications Plc led trading by value with transactions worth N8.12 billion.
Market breadth, however, remained balanced, with 27 stocks recording gains and an equal number of stocks declining, resulting in a breadth ratio of 1.0x.
Haldane McCall led the gainers with a 10 per cent increase, followed by UACN Plc, which rose 6.6 per cent. Other notable advancers included Wapic Insurance, AVA Capital Holdings Plc and Caverton…
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Read Full Article by Kehinde Akinseinde-Jayeoba at tribuneonlineng.com
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