Stock Market Sustains Negative Sentiment With N28bn Loss

Activities in the domestic equities market yesterday remained weak with a decline of N28 billion, driven by losses in 18 stocks.

In summary, the All Share Index (ASI) decreased by 51.79 absolute points, representing a decline of 0.10 per cent to close at 49,575.93 points. Similarly, the market capitalisation lost N28 billion, to close at N26.740 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Nigerian Exchange Group (NGXGroup), Union Bank of Nigeria (UBN), Cutix and United Bank for Africa (UBA).

On market outlook, GTI Securities Limited said: “we expect cautious trading to continue pending any significant changes in the economic conditions.”

As measured by market breadth, market sentiment was negative as 18 stocks lost relative to 14 gainers. Regency Alliance Insurance recorded the highest price gain of 8.00 per cent, to close at 27 kobo, per share.