After enjoying bullish trend in the past week, the Nigerian equity market declined 2.5% this week, due to losses by Dangote Cement, WAPCO, and Zenith Bank.
The All-Share Index shed 2.5% w/w to settle at 34,250.74 points, market capitalisation lost ₦463.7billion to close at ₦17.9trillion, while the YTD return moderated to 27.6%.
The average volume equities investors traded rose 35.2% to 453.0 million units, while value traded dropped 17.4% to ₦4.2billion.
The top traded stocks by volume were UBA (275.2m units), FBNH (146.1m units) and ZENITH (143.4m units) while GUARANTY (₦4.5bn), ZENITH (₦3.3bn) and UBA (₦2.3bn) led by value.
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The Industrial Goods and Banking sectors had the highest dip, dipping 5.0% and 2.9% respectively, on the back of sell pressures in WAPCO (-10.7%), DANGCEM (-8.0%), ACCESS (-5.8%) and ZENITH (-5.2%).
Also, the Insurance and AFR-ICT sectors shed 1.8% each, underpinned on losses by REGALINS (-16.7%), AIICO (-4.5%), CHAMS (-4.5%) and MTNN (-0.8%).
The Consumer Goods and Oil & Gas sectors also went down 1.6% and 0.3% respectively due sell-offs in CHAMPION (-8.2%), FLOURMILL (-6.8%) and ARDOVA (-6.8%).
FTNCOCOA (+51.7%), UNIONDAC (+16.0%) and OKOMUOIL (+10.0%) were the best performed equities, while REGALINS (-16.7%), UPL (-14.3%) and NEIMETH (-12.4%) led the laggards.
