Nigerian Stock market records sixth consecutive losses

The Nigerian Stock Exchange has recorded its six consecutive losses at the close of trading on Thursday as the All-Share Index again dipped by 0.12% to 24,625.24 index points.

Similarly, market capitalization shed N15.55 billion to settle at N12.845 trillion. Accordingly, the Month-to-Date and Year-to-Date losses increased to -2.52% and -8.32%, respectively.

The negative trend was largely attributed to selloffs by Zenith Bank Plc, FBNH and Guinness which led the market to its sixth consecutive loss.

Market downturn was paired with low trading activities compared the performance recorded yesterday. Total volume and value of stocks traded declined by 31.16 per cent and 15.24 per cent to 130.27 units and N1.62 billion respectively.

Zenith Bank was the most traded stock by volume and value at 18.9 million units’ value at N308.37 million.

Market sentiment, as measured by market breadth, was positive, as 9 stocks gained, relative to 8 decliners. Neimeith and Wema Bank were the top gainers of the day with 9.65% and 9.09% price appreciation, while Linkassure and Japaul Oil, recorded the largest declines with -9.43% and -7.69% depreciation in share value.

On the sectoral front, two out of the five major sub-indices we cover posted losses, while the other three indices closed flat.  Price decline in Linkassure, Zenith Bank and FBNH finished the Insurance and Banking indexes lower at -0.34% and -.018% respectively.

Neimeth up 9.65% to close at N1.25, Wema Bank up 9.09% to close at N0.6, Maynaker Plc up 3.09% to close at N3, ETI up 2.13% to close at N4.8, FCMB up 1.67% to close at N1.83.

Linkkassure down 9.43% to close at N0.48, ZENITHBANK down 1.52% to close atN16.15, MTNN down 0.42% to close at N117.5, FBNH down 0.94% to close at N5.25, NAHCO down 0.75% to close at N2.64.