The domestic equities market resumed trading on a bearish note due to depreciated price in Linkage Assurance (-7.8 percent) Wema Bank (-3.5%) and Flourmill (-2.3%) which saw market capitalization fell by N126.9 billion as it closed at N20.1 trillion on Monday.
The All-Share index fell by 0.6% to 38,567.26 points while year–to–date loss worsened to -4.2%.
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Trading activity was mixed as volume traded rose by 16.3% to 194.9 million units while value traded fell by 39% to N1bn.
The most traded stocks by volume were Wema Bank (25.8m units), Ellahlakes (25m units), and Fidelity (16.1m units) while Ellahlakes (N106.3m), Zenith (N104.4m), and MTNN (N94.7m) led by value.
Performance across sectors under our coverage was mixed as three indices gained while three lost.
Investors’ sentiment, as measured by market breadth weakened to 0.9x from 1.2x recorded in the last trading session as 17 stocks gained while 18 stocks lost.
Conoil (+9.8%), NNFM (+9.8%), and Academy (+7.9%) led gainers while UPL (-9.8%), Linkassure (-7.8%), and NPF Microfinance BanK (-4.3%) led losers.
“In the next trading session, we expect that the bearish sentiment would be sustained, given the absence of any positive driver,” said Afrinvest, an equities analysis firm.
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