Nigerian equity market dips further 1.11%

The bearish trend in the Nigerian equity market continued on Tuesday, declining 1.11 per cent investors sold off their holdings a day after global credit rating agency, Moody’s degraded Nigerian banks to negative outlook for 2020 from stable.

The All Share Index (NSE ASI) dropped 1.11 per cent to 26,384.21 points, compared to  26,681.31 points on Monday, while Market Capitalization closed at ₦12.734 trillion against  ₦12.878 trillion in the previous trading day.

Meanwhile, the market date to date return  increased to -16.06 per cent as investors continued to show negative sentiment towards the market.

Share Index closed at  while Volume traded increased by 1.87 per cent from 192.685 million to 196.292 million, while the total value of stock traded increased by 0.10 per cent from ₦3.548 billion to ₦3.551 billion in 3,153 deals.

The Financial Services sector led the activity chart with 137.344 million shares exchanged for ₦1.984 billion. Conglomerates came next with 22.142 million shares traded for ₦0.079 billion, Consumer Goods, Agriculture, Oil And Gas sectors followed in that order on the activity chart.

Guaranty, Access, Transcorp, Zenithbank and Wemabank were the most active stocks by volume. Royalex, Fcmb, Ekocorp, Ucap and Glaxosmith emerged the highest price gainers on the chart, while Daarcomm, Arbico, Cornerst, Fidson and Courtville topped the losers chart.