Nigerian equity market extends loss after 1.27% dip

Losses by Oando, Wapco, Zenith and Access Bank subjected the Nigerian equity market second consecutive dips as it shed 1.27% on Tuesday.

The All-Share Index (ASI) decreased by 290.49 absolute points, representing a dip of 1.27% to close at 22,629.92 points. Similarly, the overall Market Capitalization size shed N151.39 billion, representing a dip of 1.27% to close at N11.79 trillion.

Activity level waned as volume and value traded decreased 2 8% and 4 5% respectively to 250m units and ₦2.3 2bn. The most active stocks by volume were FBNH (7 1.0 6m units), Zenith Bank (5 2.2m units) and GTBank (2 4.4 3m units), while Zenith Bank (₦695mn), GTBank (₦452mn) and FBNH (₦299m) led the value chart.

Looking at performance across sectors, the Banking and Services indices topped the losers’ chart, down by 5.1 1% and 0.8 3% respectively owing to losses in GUARANTY (-7.7 9%), Zenith Bank (-7.7 7%) and REDSTAREX (-3.4 5%). Similarly, the Oil & Gas and Industrial Goods indices declined by 7 4bps and 3 4bps respectively due to selloffs in OANDO (-1 0.0 0%) and WAPCO (-9.2 1%). Lastly, sell pressure in FLOUR MILLS (-0.9 4%) dragged the Consumer goods index lower by 5bps. Elsewhere, the Agriculture, ICT and Healthcare indices closed flat.