Thursday saw equity investors witnessing a setback as the Nigerian Exchange resumed its descent, resulting in a loss of N67 billion.
The All-Share Index slipped by 0.12 percent, closing at 101,239.10 points, while market capitalization settled at N55.40 trillion, mirroring the decline.
Expressing concern, market analysts highlighted the prevailing downtrend in the banking, insurance, and consumer goods sectors as the primary drivers behind the dip. “Sell-offs dominated today’s trading, exerting downward pressure on key sectors,” remarked a financial expert.
READ ALSO: Cryptocurrency Laundering Declines by 29%-Chainalysis
The day’s trading activity remained subdued, marked by a 16.43 percent decrease in traded volume, amounting to 252.9 million units. Total traded value also plummeted by 24.54 percent to N4.94 billion, with the number of deals witnessing a 15.83 percent decline, totaling 7,248 trades.
Market breadth depicted a negative sentiment with 22 gainers against 28 losers. Sunu Assurances Plc, Omatek, and Juli emerged as the top gainers, while Daar Communications, Wema Bank, and PZ Cussons experienced significant declines.
Sector-wise, bearish sentiments permeated across banking, insurance, and consumer goods, with declines of 0.44 percent, 0.22 percent, and 0.08 percent, respectively.
Conversely, the industrial goods sector recorded a marginal improvement of 0.04 percent, attributed to increased interest in Lafarge Africa. The oil & gas index, however, remained unchanged.
FBN Holdings emerged as the most traded security by volume and value, with 31.86 million units traded worth N917.27 million.
“Despite today’s setback, we advise investors to remain cautious yet optimistic, considering the market’s resilience amid challenges,” advised another market analyst, emphasizing the importance of long-term investment strategies.