Short-term traders offload stocks

THE equities market closed yesterday on a negative note, as Nigerian Stock Exchange (NSE) All Share Index (ASI) depreciated by 0.38 per cent to close at 32,739.11basis points, compared with the 1.77 per cent depreciation recorded previously. Its Year-to-Date (YTD) returns currently stand at 5.53 per cent.

Market breadth also closed negative as PZ led 23 gainers against 29 losers topped by Transcohot at the end of yesterday’s session – an improved performance compared with previous outlook.

Market turnover equally closed negative as volume declined by 42.28 per cent against 20.50 per cent uptick recorded in the previous session.

Zenith Bank, Access and Diamond Bank were the most active to boost market turnover. Zenith Bank and Access topped market value list.

Volume shockers included Dangote Flour, which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

Meanwhile, market maintained negative sentiment as the Securities and Exchange Commission (SEC) reverberated re-capitalisation deadline in the first half of the year.

As the first half of the year ended, while market and key stakeholders await economic direction from the new administration, market performance last month closed red as NSE ASI recorded 2.49 per cent losses to extend the bearish trend witnessed in previous month as YTD performance also closed red in with 3.46 per cent.

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