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Nigerian equity market slides further

Felix Oloyede

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AELP link to boost trading between NGX, other African exchanges

Investors’ negative sentiment towards the financial sector caused the Nigerian Exchange to decline further on Tuesday as FBNH, Zenith Bank, GTCO, FCMB and nine other equities dipped.

The benchmark index declined 0.002% to 37,857.24 points while market capitalisation shed N340 million to close at ₦19.7trillion and the year-to-date return worsened to -6.0%.

The volume of stocks traded went up by 5.4% to 197.3 million units while the value traded dropped by 33.5% to ₦1.9 billion.

The most traded stocks by volume were WEMABANK (37.2m units), GTCO (27.9m units), and FIDELITY (12.2m units) while GTCO (₦823.2m), ZENITH (₦158.2m), and SEPLAT (₦156.3m) led by value.

The Banking and Consumer Goods indices gained 0.4% and 0.3% respectively on the back of buying interest in ACCESS (+1.1%), WEMABANK (+9.5%), and INTBREW (+6.0%). Conversely, the Oil & Gas, Insurance, Industrial Goods and AFR-ICT indices closed flat.

NCR (+9.6%), WEMABANK (+9.5%), and FTNCOCOA (+8.3%) led gainers while IKEJAHOTEL (-9.1%), CUSTODIAN (-6.2%) and JAPAULGOLD (-5.7%) led decliners.

Analysts from Afrinvest Securities expect the domestic bourse to sustain its bearish trend due to selling pressure in the market.

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