The equities market extended its losing streak to the sixth consecutive day yesterday as sell pressure persisted. Having remained in the negative territory for the whole last week and shedding, 3.39 per cent, the bulls were expected to return.
However, the bears consolidated their hold on the market, driving down the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 0.9 per cent to close lower at 42,737.89. Similarly, the market capitalisation fell by same margin to close at N15.34 trillion.
The depreciation recorded in the share prices of GTBank, FBN Holdings, Zenith Bank, Dangote Sugar, and Transcorp were mainly responsible for the decline recorded.
According analysts at FSDH Research, the on-going sell sentiment may continue till midweek albeit on a milder scale than in the previous trading sessions
“Profit taking and bargain hunting may likely characterise subsequent trading sessions,” they added.
In all, 36 stocks depreciated, while only 13 appreciated. Eternal Plc led the price losers with 9.6 per cent, trailed by Equity Assurance Plc with 8.3 per cent. AIICO Insurance Plc shed 8.2 per cent, while Consolidated Hallmark Insurance Plc lost 5.7 per cent.
FBN Holdings Plc, GTBank Plc and Multiverse depreciated by 5.0 per cent apiece. May & Baker Nigeria Plc and Fidelity Bank Plc shed 4.9 per cent each.
On the positive side, PZ Cussons Nigeria Plc led the price gainers with 5.8 per cent, trailed by Beta Glass Plc, Glaxosmithkline Consumer Nigeria Plc and Unity Bank Plc with 4.9 per cent apiece.
UAC of Nigeria Plc chalked up 4.1 per cent, just as Jaiz Bank Plc, Linkage Assurance Plc garnered 3.8 per cent and 3.5 per cent respectively. C & I Leasing Plc, ABC Transport Plc and Wema Bank Plc advanced by 2.7 per cent, 2.5 per cent and 2.3 per cent in that order.
All the sectoral indices trended southwards. They were led by the NSE Banking Index, shedding 3.8 per cent following losses in bellwether banking stocks – GTBank (-5.0 per cent) and Zenith Bank (-4.9 per cent). The NSE Insurance Index followed with 1.1 per cent slide while the NSE Consumer Goods Index closed 0.9 per cent lower due to downtick in Nigerian Breweries Plc (-2.9 per cent) and Dangote Sugar Refinery Plc (-4.8 per cent). The NSE Industrial Goods Index and NSE Oil & Gas Index shed 0.4 per cent and 0.2 per cent respectively.