In line with expectations, the equities market yesterday opened the week negative as the All Share Index fell o.88 per cent to 38,913.99 points, while year-to-date (YTD) return retreated to 44.8 per cent.
Consequently, investors lost N119.6 billion in value as market capitalisation settled at N13.6 trillion.
Market performance can be primarily attributed to profit taking in bellwether industrial goods and banking stocks – Dangote Cement (-1.7%), Zenith Bank (-3.3%) and United Bank for Africa (-5.0%). In the same vein, activity level declined as average volume and value fell 33.9 per cent and 4.0 per cent to 350.6 million units and N4.9 billion respectively.
Similar to the broader index, sector performance was largely underwhelming as three of five indices closed southwards. The banking index led laggards, down 2.0 per cent on the back of losses in Zenith Bank (-3.3%), United Bank for Africa (- 5.0%) and Guaranty Trust Bank (-0.8%).
The industrial goods Index trailed, depreciating 1.4 per cent, primarily on the back of profit taking in Dangote Cement (-1.7%) and Lafarge Cement WAPCO (-1.2%).
Similarly, selling pressures on NEM (-3.9%) and Linkage Assurance (-4.4%) dragged the Insurance index 1.1 per cent lower.