The Nigerian Exchange Limited (NGX) extended its losing streak to three sessions yesterday, as the All-Share Index (ASI) fell 0.07 percent more due to profit-taking.
The ASI dropped 35.28 absolute points to 52,721.34 points at the close of trading Wednesday, a 0.07 percent drop. Similarly, the market capitalisation decreased by N19 billion to N28.423 trillion.
Losses in medium and big capitalised equities, such as Nigerian Exchange Group (NGX Group), Berger Paints Nigeria, Lafarge Africa, Fidson Healthcare, and May & Baker Nigeria, contributed to the decline.
“The equities market finished transactions on a negative note,” GTI Securities analysts said. “We expect profit-taking from lately valued stocks to continue during the week.”
“Investor sentiment, as assessed by market breadth, improved to -0.03x from -0.09x as 21 equities gained, 23 dropped, and 69 closed flat,” according to Afrinvest Securities. We expect the market to recoup some losses in the week’s last session, owing to bargain-hunting activity.”
Market breadth was also negative, with 23 stocks losing money while 21 stocks gained money. Academy Press outperformed the losers’ chart by 9.93%, closing at N1.36 per share.