Equities market closed south as bears dominated banking stocks

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PFI Capital
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Sell-Offs In Telecoms Stocks Dip Market Cap By ₦570.91 Billion
Sell-Offs In Telecoms Stocks Dip Market Cap By ₦570.91 Billion

The All Share Index (ASI) declined by 46 bps closing at 28,415.35 while market capitalization shed 68.43 bn to close at 14.85 trillion. The market however gained 5.31% WoW.

Performance across sectors was MIXED 2 sectors closed on a negative note. banking and Industrial, indices declined by 2.4% and  0.08% respectively on the back of negative sentiment in GUARANTY and DANGCEM. Conversely, insurance, oil & gas and consumer goods advanced by 0.39%, 0.30% and 0.13 respectively.

Equities market closed south as bears dominated banking stocks
Photo by Mark Finn 

Market activity volume declined by 32.53% while value also declined by 18.61%. A total of 384m units of shares valued at 3.99bn was traded in the market.

MARKET SNAPSHOT

  • Equities market closed the week on a negative note
  • Activities in the bond market improved amidst declined yield in short-dated maturities
  • Global stocks closed bullish with gains in US, Japan and France
  • Naira appreciated in the I&E window but stable in the parallel and official window