Nigerian equity market year-to-date return turns negative after five consecutive bearish trading sessions

Stockbrokers at the floor of the Nigerian Stock Market

The equity market today shed 1.02%, extending losses to five consecutive trading sessions. Consequently, the declining All Share YTD Index slid to a negative territory, five weeks after initial uptick. The decline was driven by losses experienced in all but the Oil and Gas sector. Market breadth closed negative, recording 8 gainers and 29 losers.

The All Share Index (ASI) declined by 323.30 absolute points, representing a decrease of 1.02%, to close at 31,313.36 points. Similarly, Market Capitalization shed N120.56billion representing a dip of 1.02%, to close at N11.68trillion.

LAWUNION emerged the top gainer while INTBREW emerged as the top loser.

The downtrend was impacted by losses recorded in medium and large capitalized stocks, amongst which are; INTBREW (-9.93%), PZ (-5.58%), GUARANTY (-4.83%), NASCON (-4.61%), FCMB (-3.85%), DANGSUGAR (-3.78%), MOBIL (-3.00%), DANGFLOUR (-2.91%), FIDELITYBK(-1.32%), ZENITHBANK (-0.88%), and ACCESS (-0.83%). (GTI)