Equity market sheds 1.16%, extends downtrend


THE Nigerian equities market regressed even further into the red zone at the close of today’s trading session as bourse lost -1.16 percent to close at 44,389.85 points relative to yesterday’s 44,912.53 points.
Market capitalization downsized to close at N15.44 trillion and market breadth swung in favor of the bears with 43 losers outnumbering 14 gainers.
On the sectors performance chart, NSE ASEM maintained its previous close and the oil and gas sector index recorded the board’s only gain for today. The banking sector recorded the greatest loss across the board with a daily change of -2.57 percent.
In order of appearance, Skye Bank, FBN Holdings, Wema Bank, Diamond Bank and Transnational Corporation of Nigeria topped the equities market’s volume-based chart while Guaranty Trust Bank, Zenith Bank, FBN Holdings, Stanbic IBTC and UBA led the value based rankings.
Trading levels shrunk with regards to both trade volume and trade value by -83.37 percent and -51.82 percent respectively. Previous close of 4.43 billion shares valued at N15.92 billion dropped to 737 million shares traded valued at N7.67 billion today.