The benchmark index dipped 0.5% at the close of business on Wednesday, making it the third consecutive session it closes in the red. With the All-Share-Index closing at 25,903.55, the YTD loss fell further to -3.6%.
Activity levels today were mixed with the volume traded growing 48.2% to 305.0m units while value traded declined 43.1% to N1.6bn respectively. Despite adding N14.6bn to the market capitalization, the new listing by Med-View Airline Plc (MEDVIEW) didn’t hold back a reduction in market capitalization by N45.7bn to N8.9tn. Further insight shows that a total of 9.8bn ordinary shares of MEDVIEW were listed.
Analysis by sector showed Industrial Goods emerging as the lone gainer for the second consecutive session. Propped by an appreciation in WAPCO (+8.3%), the index was up 4.1%. As for the others, the Consumer Goods index declined 3.2% on account of sell-offs on NESTLE (-3.7%) and NIGERIAN BREWERIES (-3.5%) while the Oil & Gas index slid 2.3%. Finally, the Banking and Insurance indices depreciated 0.5%.
Market breadth at the close of trade today was 0.3x (from 0.7x yesterday), indicating a lingering frail investor sentiment. Leading the band of 9 gainers was WAPCO (+8.3%) which was trailed by CAVERTON (+4.0%) and ACCESS (+3.0%). On the other hand, FORTE (-5.0%) led the 27 decliners and was trailed by GUINNESS (-5.0%) and UNILEVER (-5.0%).
