NGX All Share Index fell by 2.51%, Market capitalisation shed N2.29trn

The local equities market deepened its bearish run this week, as the NGX All Share Index (ASI) fell by 2.51%, to close at 141,004.14 points. Consequently, the year-to-date return moderated to 37.00% from the 40.52% recorded in previous week. Market capitalisation also shed N2.29trn w/w (-2.51% w/w), settling at N89.21trn. Market sentiment was dampened by sustained sell pressure in industrial goods heavyweights, DANGCEM, BUACEMENT, and WAPCO. Furthermore, the banking names including, GTCO, ZENITHBANK, STANBIC, FIRSTHOLDCO (-1.07% w/w), and ACCESSCORP, increased the losses for the week. These selloffs outweighed gains in select consumer goods counters; DANGSUGAR, INTBREW, and UNILEVER.  Across the major sectors, all indices closed in the red excluding the Consumer Goods Index, underscoring the broad-based selling pressure during the week. The Industrial Goods Index led the downturn, followed by the Insurance Index, Banking Index, and the Oil & Gas. 
In today’s session, market performance inched up marginally, with the NGX ASI and market capitalisation rising by 0.43%. Market activity improved considerably compared to the previous session, as transaction volume and value surged by 127.15% and 271.53%, respectively. ZENITHBANK (+2.49%) dominated the trading activity today, recording 345.55mn exchanged valued at N21.23bn.  Market breadth closed positive at 3.85x, reflecting more advancers than decliners. BETAGLAS led the fifty (50) market gainers, while THOMASWY topped the thirteen (13) laggards, with the remaining stocks closing flat.