Equity market extends bearish run to 3 trading days; as mid-week sheds 0.96%


THE Nigerian stock market today shed 0.96 percent extending bearish run to three consecutive trading sessions as profit taking activities continued.
Market capitalization dropped to N15.29 trillion and market breadth remained in favor of the bears with a count of 44 losers as against 14 gainers.
The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; Union Bank, FBN Holdings, Access Bank, Zenith Bank, UBA, Ecobank Transnational Incorporated, Dangote Flour, Julius Berger, Unilever Nigeria and Dangote Sugar.
On the sector performance board, the NSE 30 Index, NSE Banking Index, NSE Insurance Index and NSE Oil & Gas Index recorded negative daily changes while NSE Consumer Goods Index, NSE Lotus Islamic Index and NSE Industrial Goods Index inched higher with NSE Alternative Securities Market Index maintaining its previous close.
The equities performance chart on the basis of trade volume was topped by Transnational Corporation of Nigeria, Skye Bank, FBN Holdings, Unity Bank and FMCB while the value-based chart was led by Guaranty Trust Bank, FBN Holdings, Zenith Bank, UBA and Transnational Corporation of Nigeria respectively.
Market activities slowed down as both trade volume and trade value dropped today. The former lowered by -27.30 percent to close at 536 million shares from previous level of 738 million shares while the latter lost -32.44 percent to close at N5.18 billion from N7.67 billion.