Sell-off on bellwether stocks drags Nigerian equity market down 0.12%

Despite gains recorded by the banking and insurance sectors, the Nigerian equity market on Monday dipped  0.12 per cent, driven by sell-off on bellwether stocks like MTNN,  among others.

Nevertheless, the market breadth closed positive, recording 18 gainers against 14 losers.

The All-Share Index (ASI) shed by 28.16 absolute points, representing 0.12 per cent decline to close at 22,705.19 points, the Market Capitalization lost N15.05 billion, dipping 0.12 per cent to close at N11.83 trillion.

UBN and five other equities, which appreciated 10 per cent, emerged top gainers, while TRANSCORP emerged as top loser after shedding 10 per cent.

Volume traded decreased by 24.78 per cent from 733.199 million to 551.483 million, while the total value of stock traded decreased by 43.66 per cent from ₦10.216 billion to ₦5.755 billion in 6,981 deals.

The Financial Services sector led the activity chart with 505.122 million shares exchanged for ₦5.167 billion. Conglomerates came next with 11.701 million shares traded for ₦0.01 billion, Oil And Gas, Industrial Goods, ICT sectors followed in that order on the activity chart.  GTBank, FBNH, Zenith Bank, Access and UBA were the most active stocks by volume.