Local stock market records 3rd consecutive loss as ASI dips by 0.12%

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Sentiments remained bearish at the Nigerian Exchange Limited (NGX) as the All-Share Index (ASI) succumbed to a third successive loss, falling by 0.12 per cent to 52,122 basis points.

Specifically, on Thursday, selloffs in International Breweries, Wapco and FBN Holdings dragged the overall market after their respective share values depreciated by 9.17 per cent, 1.89 per cent and 0.89 per cent, thus keeping it on track for another week of loss.

Consequently, the Month-to-Date and Year-to-Date returns moderated to +0.6 per cent and +22.0 per cent, respectively.

Market Capitalisation followed suit the direction of the ASI to stand at N28.107 trillion, representing a 0.12 per cent drop from the N28.142 trillion it stood at the end of the previous trading session, as investors networth waned by N35 billion in the session.

As measured by market breadth, market sentiment was negative as 22 tickers lost relative to 13 gainers. On the performance board, International Breweries and Caverton recorded the highest losses of the day having depreciated in stock value by 9.2 per cent and 8.8 per cent respectively, while Multiverse and Cornerstone Insurance topped the gainers’ list as their respective share value appreciated by 9.6 per cent and 9.1 per cent.

Sectoral performance was mixed, as the Consumer Goods, Banking, and Industrial Goods indices declined by 0.4 per cent, 0.4 per cent and 0.1 per cent, respectively; while the Insurance and Oil & Gas indices closed higher by 0.8 per cent and 0.1 per cent.

Market activity as measured by both volume and value of trades waned in the session, with daily traded volume standing at 151.942 million units, representing a 36.23 per cent drop from a volume of 238.270 million units traded in the previous session.

Value of those traded stocks dipped by 35.34 per cent in the session to stand at N2.157 billion as against a value of N3.336 billion recorded in the previous trading session.

Guaranty Trust Holding Company (GTCO) was the most traded stock by volume and value at 33.85 million units and N707.71 million, respectively.

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