Equities slide further on the Exchange

Yesterday, the market closed lower as investors sustained the selling pressure on the All Share Index [ASI]. Weakness in banking (0.18 per cent), consumer goods (1.28 per cent), and oil and gas (0.88 per cent) further compresses the broad index as the ASI fell by 64bps to close at 28,351.28, bringing year-to-date returns to 18.20 per cent.

The day’s performance was predominantly driven by FBNH (7.52 per cent, ₦5.04), Oando; (4.55 per cent, ₦7.35), Nigerian Breweries; (2.04 per cent, ₦122.46), Guinness; (4.99 per centt, ₦128.24), and GTBank; (0.71 per cent, ₦22.35).

Therefore, equities market closed yesterday on a negative note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] depreciated by 0.64 per cent to close at 28,351.28 basis points, compared with the 1.07 per cent depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 18.20 per cent

Market breadth also closed negative as Livestock led 14 gainers against 24 losers topped by UAC-properties at the end of yesterday’s session- an improved performance when compared with previous outlook.

Market turnover equally closed negative as volume declined by 35.68 per cent against 14.63 per cent decline recorded in the previous session. Guaranty, FBNH and Access Bank were the most active to boost market turnover. Dangote Cement and Forte Oil topped market value list.

Volume shockers included C and I Leasing which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

But contrary to the NSE-ASI, the National Association of Securities Dealers[NASD] over-the-counter securities market closed in the positive as the NASD -USI gained by 166bps