By Milcah Tanimu
The Nigerian equities market remained in negative territory on Thursday, causing the All-Share Index to decline by 0.09% and close at 68,271.14 basis points. The bearish sentiment was primarily driven by losses in MTN Nigeria Communication, Access Holdings, and FBN Holdings, even though some stocks like MTN Nigeria Communication gained 0.41%, Access Holdings 1.74%, and FBN Holdings 0.88%.
Market breadth, reflecting the sentiment among investors, was negative, with 30 stocks declining compared to 20 that gained. Among the biggest losers of the day were Oando and Lasaco Insurance, which depreciated by 9.9% and 9.7%, respectively. On the other hand, John Holt and Danication recorded the most significant gains, with their share prices appreciating by 9.6% and 9.5%, respectively.
Sectoral performance varied, with the Insurance, Oil & Gas, and Consumer Goods indices recording gains of 0.3%, 0.2%, and 0.1%, respectively. The Industrial Goods index remained flat, while the Banking index was the sole loser of the day, declining by 0.5%.
Despite the overall bearish performance, trading activity at the local bourse was robust, with trade turnover higher compared to the previous session. The value of transactions increased by 8.03%, with a total of 1.12 billion shares valued at 5.82 billion exchanged in 7,949 deals.
Oando led both the volume and value charts, with 100.69 million units traded at a value of N1.46 billion. The market remains dynamic, with investors closely monitoring developments and opportunities in the Nigerian equities market.
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