Sentiments in the local bourse weakened leaving the All Share Index (ASI) of the Nigerian Stock Exchange (NSE) at 24,276.56 basis points on Thursday, having declined marginally by 0.01per cent.
Accordingly, Month-to-Date and Year-to-Date losses recorded -0.8 per cent and -9.6 per cent, respectively, while market capitalisation was pegged at N12.664 trillion after shedding N786.8 million.
Market breadth closed in favour of the bear with 10 tickers closing in green against 14 losers on the performance chart.
Law Union, Honeywell Flour Mills, Sterling Bank, PZ and Caverton led the gainers’ chart, while at the rear of the chart, Conoil, ARBICO, Vitafoam, International Breweries and Jaiz Bank led the chart.
All Sectoral Indices extended stance northward. Specifically, the Insurance Index gained 0.6 per cent, while the Banking Index advanced by 0.6 per cent, just as the Industrial Goods added 0.02 per cent. On the other hand, the Consumer Goods and Oil & Gas indices recorded losses by 0.6 per cent and 0.4 per cent respectively.
The total volume of trades decreased by 17.4 per cent to 192.08 million units, valued at N2.47 billion and exchanged in 3,833 deals.
Fidelity Bank, Guaranty Trust Bank, Zenith Bank, Access Bank and United Bank for Africa ended the trading day as top performers in terms of volume while Guaranty Trust Bank, Zenith Bank, MTN Nigeria, Nigerian Breweries and Nestle Nigeria made up the top five performers in terms of the value of units traded.
Analyst, however, advised value investors to take advantage of the bearish outlook and position for mid to long term as daily positive change is not foreseen yet as market technical are negative at this time.