Nigeria’s stock market began trading for the second week in June with investors exchanging a total of 247.3 million units of shares.
This was 12% lower than the volume traded in the previous session, showing a weakened level of activity on the local bourse.
In the same vein, value traded weakened by 11% as it slid to N3.5 billion respectively.
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The All Share Index (ASI) consequently shed 0.4% to settle at 30,322.19 points whilst year-to-date (YTD) loss worsened to -3.5%.
Similarly, market capitalisation dipped N48.4bn to close at N13.4tn.
Activity chart showed that the top traded stocks by volume were ZENITH (70.3m units), GUARANTY (23.1m units) and ETI (18.1m units) while the top traded stocks by value were ZENITH (N1.4bn), GUARANTY (N706.1m) and MTNN (N244.2m).
Performance across sectors was largely bearish as all indices trended southward, save the Insurance index which rose 2basis points on account of gains in SOVRENIN (+8.7%) and CHIPLC (+10.0%).
The Industrial Goods index (-2.3%), which was dragged by CCNN (-10.0%) and CUTIX (-8.8%), emerged the top loser.
Similarly, the Consumer Goods index shed 0.6% on the back of losses in UNILEVER (-7.6%) and DANGFLOUR (-2.4%) while the Afrinvest ICT index lost 0.4% due to price depreciation in MTNN (-0.4%).
Finally, the Oil & Gas and Banking indices declined 0.2% and 0.1% respectively following sell-offs in OANDO (-3.8%), ETI (-2.0%) and ZENITH (-0.5%).
Market breadth albeit negative, showed improved investor sentiment. It closed with 15 gainers against 20 losers.
CHIPLC (+10.0%), UAC-PROP (+10.0%) and SOVRENINS (+8.7%) topped the gainers chart while CCNN (-10.0%), UNITY (-10.0%) and NAHCO (-9.7%) were the biggest losers for the day.
Given the negative trend in the equities market, Afrinvest analysts have stated that they expect the bearish performance in the market to persist but with opportunities for bargain hunting.
The stock market has recorded losses for the last 6 consecutive sessions.