Markets
Nigerian equity market extends decline to third consecutive trading session
The Nigerian equity market continued its downturn for the third consecutive trading session on Wednesday, on the back of losses recorded by FBNH, UBA and ARDOVA.
The All-Share Index (ASI) dipped 0.04% to close at 35,029.82 points and investors lost ₦6.5billion as market capitalisation declined to ₦18.3trillion while YTD return moderated to 30.5%.
The volume of stocks traded dropped 8.0% to 283.1million units, while the value traded increased 4.5% to ₦3.4billion.
The most traded stocks by volume were FBNH (40.8m units), GTBank (32.7 million units) and AIICO (30.1 million units), while GTBank (₦1.1billion), ZENITH (₦698.1 million) and Dangote Cement (₦308.7 million) led by value.
The Insurance index led laggards, down 1.0% due to sell-offs in CORNERSTONE (-3.3%), MANSARD (-0.9%) and AIICO (-0.9%).
Also, the Oil & Gas and Banking indices declined 0.4% and 0.1% respectively following price depreciation in ARDOVA (-8.7%), FBNH (-0.7%) and UBA (-0.6%).
Likewise, losses in CHAMPION (-8.2%) dragged the Consumer Goods index 0.03% lower.
FTNCOCOA (+8.8%), UNIONDAC (+8.0%) and CHAMS (+4.8%) led the gainers while ROYALEX (-8.7%), ARDOVA (-8.7%) and MBENEFIT (-8.3%) led the decliners.
By Dayo Kiladejo
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