Nigerian equity market downturn continues week long, loses 0.17%

The equity market closed the trading week on Friday prolonging negative sentiment, as the NSE-ASI declined by 0.17%. The decline was impacted by sell-off in the Oil and Gas sectors and three others, except the consumer goods sector which recorded a 0.13% gain. Interestingly, for the first time this year, the market recorded losses in all trading sessions this week. Market breadth closed negative, recording 13 gainers and 27 losers.

The All Share Index (ASI) shed 48.44 absolute points, representing a decline of 0.17% to close at 28,847.81 points. Similarly, Market Capitalization decreased by N18.21 billion representing a dip of 0.17% to close at N10.84trillion.
SOVRENINS emerged the top gainer while ABCTRANS emerged as top loser.
The downtrend was impacted by losses recorded in medium and large capitalized stocks, amongst which are; SEPLAT (-9.98%), ETERNA (-4.88%), FCMB (-4.76%), UBA (-1.52%), GUARANTY (-0.93%), FBNH (-0.68%), and FIDELITYBANK (-0.54%). (GTI)