Nigerian Stock Exchange sustains bearish run

Salamatu Ejembi, Lagos

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The Nigerian Stock Exchange on Wednesday resumed trading activities after a long weekend resulting from the two days public holidays declared by the Nigerian Government to celebrate Eid-Eil-Kabir.

On Wednesday, being the first trading day for this week, saw the Nigerian equities market sustaining its bearish run, as the benchmark index declined by 0.84%.

Analysis from Cordros Securities states “Consequently, the month-to-date and year-to-date losses worsened to -2.29% and -13.83% respectively.”

Nonetheless, the total volume of trades increased by 6.5% to 235.12 million units, valued at NGN3.29 billion, and exchanged in 3,922 deals.

GUARANTY TRUST BANK PLC was the most traded stock by volume and value at 49.86 million units and NGN1.30 billion respectively.

The Insurance sector was the sole gainer across sectors, with the index rising by 0.45%.

Conversely, the Industrial Goods Index declined by -1.55%, Banking Index declined by -1.26%, Oil & Gas Index fell by -1.22%, and Consumer Goods Index fell by -0.46%.

Market sentiment, as measured by market breadth, was negative as 30 stocks recorded losses relative to 4 stocks which recorded gains.

On the decliners list, UACN led by -10.00% and NPF Microfinance Bank followed with -9.32% loss, while CONTINSURE and CUSTODIAN led the gainers’ list by +4.32% and +3.33% respectively.

Peace PIAK