Equities market sustains negative trend, down 0.46%

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The Nigerian Equities market closed negative yesterday as the All Share Index shed 0.46 per cent to settle at 37,783.76 points, while year-to-date (YTD) return retreated to 40.6 per cent.

Accordingly, investors lost N70.1 billion as market capitalisation fell to N13.4 trillion. Yesterday’s negative performance is attributable to losses in Dangote Cement (-0.7%), Dangote Sugar Refinery (-5.0%) and Ecobank Transnational Incorporated (-4.0%).

However, activity level strengthened as volume and value traded surged 221.6 per cent and 42.2 per cent to close at 649.6 million units and N5.4 billion respectively.

Performance across sectors was negative as all indices trended southwards save for the insurance index which gained 0.80 per cent on account of upticks in Continental Re-Insurance (+2.9%) and Linkage Assurance  (+3.5%). On the other hand, the banking index topped the losers chart, depreciating 0.7 per cent due to losses in Ecobank Transnational Incorporated (-4.0%) and Zenith Bank (-0.9%).

The industrial goods index trailed, down 0.4 per cent owing to profit taking sustained in Dangote Cement (-0.7%) and Lafarge Cement WAPCO (-0.5%), while the consumer goods and oil & gas Indices closed the day 0.2 per cent lower apiece primarily due to losses in Dangote Sugar Refinery -5.0%), Nigerian Breweries (-0.2%) and Forte Oil (-2.3%).

Investor sentiment – as measured by market breadth (advance/decline ratio) declined to 0.6x from 0.9x recorded the previous session as 14 stocks advanced against 25 decliners.

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