Markets
Nigerian equity market downturn persists
The Nigerian Exchange bearish performance driven by sell pressure on GTCO (-1.4%), ZENITH (-1.0%), and DANGSUGAR (-1.2%) continued, as the benchmark index shed 5bps to 43,248.05 points. Consequently, YTD return moderated to 7.4% while market capitalisation shed ₦11.9bn to ₦22.6tn.
Trading activity improved as volume and value traded rose 5.5% and 57.2% respectively to 224.9m units and ₦3.7bn. ACCESS (42.2m units), ZENITH (39.0m units), and FBNH (16.9m units) led activity by volume while ZENITH (₦935.4m), NESTLE (₦916.1m), and GTCO (₦414.0m) led by value.
The Insurance and Banking indices were the only gainers, up 1.6% and 0.3% respectively on account of buying interest in AIICO (+9.2%), WAPIC (+4.2%), ACCESS (+4.4%), and ETI (+3.7%). Conversely, the Oil & Gas index lost the most, down 0.4% due to sustained sell pressure on OANDO (-2.0%). Trailing, the Consumer and Industrial Goods indices fell 21bps and 4bps respectively due to price depreciation in DANGSUGAR (-1.2%), GUINNESS (-0.8%), and WAPCO (-0.6%).
AIICO (+9.2%), ACCESS (+4.4%), and WAPIC (+4.2%) led gainers while UPDCREIT (-9.9%), IKEJAHOTEL (-9.6%), and UPDC (-9.3%) led decliners.
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