, FBN Holding (-10.0%), and Access Corporation){kind=link}
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Bears resurfaced on the Nigerian exchange as sell pressure on Dangote Cement (-9.6%), FBN Holding (-10.0%), and Access Corporation (-4.2%) dragged the NGX-ASI down by 2.5% to 64,046.93 points.
Consequently, year to date (YTD) return faltered to 25.0% (previously: 28.1%) while market capitalisation shed ₦35.8bn to ₦34.9tn.
Meanwhile, trading activity accelerated as volume and value traded rose 37.7% and 34.9% to 1.2bn units and ₦12.7bn, respectively. There was negative sector performance across sectors as all indices lost.
The Industrial Goods and Insurance indices led the laggards, down 5.4% apiece, on the back of selloffs in Dangote Cement (- 9.6%), WAPCO (-1.7%), NEM (-10.0%) and Cornerstone Insurance (-7.3%). Trailing, was the Banking and Consumer Goods indices which dipped 2.6% and 0.8% respectively due to profit taking in Fidelity Bank (-6.6%), Access Corporation (-4.2%), Nestle (-1.3%) and Unilever (-7.5%).
In the same vein, the Oil & Gas and AFR-ICT indices lost 50bps and 5bps sequentially driven by price depreciation in ETERNA (-5.7%), OANDO (-2.5%) and ETRANZACT (-10.0%).
Investor sentiment, as measured by market breadth, worsened to -1.13x from 0.10x in the prior session as 11 stocks advanced, 63 declined while 46 closed flat.
“We anticipate profit-taking activities to persist in the next trading session,” Afrinvest Research analysts said.