Photo L-R: Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange presenting a gong to Chinelo Anohu-Amazu, Director General of the National Pension Commission at a Closing Gong Ceremony at The Exchange.
The equities market continued on its losing streak on Thursday, although marginal, as the All Share Index (ASI) shed 6 basis points at the close of trading to 30,123.20 points. Equally, after shedding ₦6.1 billion, market capitalisation settled at ₦10.4 trillion.
This decline in the benchmark index was consequent on the losses recorded in banking counters - ACCESS (-3.8%) and ZENITH (-1.5%). Market activities measured by the volume and value of transactions also fell 16.3% and 49.5% to close at 219.6 million units and ₦1.9 billion respectively.
Sector Indices Performance Mixed
Sector indices performance was mixed on Thursday. The insurance index led the losers with a decline of 1.5% - making today its fourth day of consecutive losses - attributable to depreciations in MANSARD (-4.4%) and NEM (-4.3%).
The Banking index also followed in the negative trend after it waned 0.6%, pressured by ACCESS (-3.8%) and ZENITH (-1.5%). Similarly, the Oil & Gas index shed a marginal 1bps. Conversely, sector gainers were the Consumer and Industrial Goods indices with gains of 0.2% and 14bps on price appreciation in GUINNESS (+2.3%) and BERGER (+4.9%) accordingly.
Market Breadth Stays Negative
Market breadth closed southward as it pegged at 0.8x (18 advancers against 23 decliners). TRANS EXPRESS (+9.2), BERGER (+4.9%) and OKOMU (+4.2%) led the pack of gainers while IKEJA HOTEL (-5.0%), BOC GAS (-4.8%) and MANSARD (-4.4%) led the list of losers.
Given the sustained negative trend in market performance as investors continued to take profit on the bourse, expectation of third quarter earnings releases is expected to drive investor sentiments in the interim.