Continuous sell-off by investors stretches the Nigerian equity market’s decline to eight trading sessions as losses recorded by medium and large capitalized stocks weighed it down.
The All Share Index (ASI) dropped by 270.56 absolute points, representing a decrease of 0.84 per cent to close at 32,022.23 points. And the Market Capitalization lost N98.78 billion, representing a decrease of 0.84 per cent, closing at N11.69 trillion.
Majority of the companies were on the losing divide with 26 losers, while just nine of them gained at the end of the day’s trading session.
WAPCO topped the losers table, down by -10 per cent, followed by Conoil, which shed -9.88 per cent and CCNN -7.41 per cent. However, Skye Bank led the gainers chart, increasing 9.84 per cent, trailed by Unity Bank and Transcorp, which appreciated by 8.97 per cent and 4.63 per cent respectively.
Total volume and value of trades dropped by 29.71 per cent and 46.44 per cent to 173.55 million units and NGN3.71 billion respectively, exchanged in 3,082 deals.
The Industrial Goods index, which declined -3.34 per cent remained the top loser, owing to sell pressure in WAPCO and CCNN shares. The Consumer Goods (-2.31 per cent), Insurance (- 1.55 per cent), and Oil & Gas (-0.72 per cent) indices were also in the red, following losses posted in the respective shares of Honey Flour, WAPIC, and Forte Oil -7.41 per cent. While on the flip side, GTBank, which appreciated 1.07 per cent spurred the marginal uptick in the Banking (+0.01 per cent) index.
“The absence of a one-off positive trigger and political jitters ahead of the 2019 elections, guide our conservative outlook for equities in the short to medium term. However, stable macroeconomic fundamentals remain supportive of recovery in the long term,” Analysts at Cordros Capital Ltd explained.