Equity market sees three-month low

The Nigerian Stock Exchange

The bearish mood in the stock market persisted on Wednesday as the Nigerian Stock Exchange All-Share Index declined for the fifth consecutive trading day. The year to date return settled at 4.99 per cent the lowest in more than three months. Market breadth settled at 0.54x given 15 gainers and 28 losers, respectively.
Ikeja Hotal Plc retained the top spot on the gainers’ list; the ticker advanced further by 9.80 per cent to close at N2.24. MRS Oil Plc, First Aluminium Plc, Niger Insurance Plc and Johnholt Nigeria Plc were also top gainers with price gains of 4.87 per cent, 4.55 per cent, 4.35 per cent, and 3.85 per cent, respectively.
On the flip side, UAC Nigeria Plc was the worst performing stock, declining by 8.25 per cent to close at N14.50. Other counters which finished on the laggards’ list include Chams Plc (-5 per cent), C & I Leasing Nigeria Plc (-4.93 per cent), Unity Bank Plc (-4.90 per cent), and UACN Property Development Company Plc (-4.89 per cent).
The NSE oil/gas index was the only sector index which advanced, settling higher by 0.08 per cent. However, the NSE food/beverage declined the most with a loss of 0.47 per cent, followed by the NSE insurance (-0.30 per cent), NSE banking (-0.17 per cent), and the NSE industrial goods indices (-0.10 per cent).
The market closed underwater for the third consecutive day this week. This is reflective of the bearish sentiment towards top counters in the market, especially in the consumer goods and banking space.