Negative sentiments are still rife across the Nigerian bourse, reflected in how shares are being dumped for sales in enormous volumes week after week.
The glut in the market has set most stocks on relentless loss for days on end, causing a year-to-date negative return of 17.30% to equity investors so far this year.
And the outlook is not in any way favourable on the grounds that the broad implications of COVID-19 may not only contract the economy further, but also sustain this ugly trend throughout 2020.
All the key market performance indicators closed lower this week. A negative market breadth was recorded as 35 losers emerged against 27 gainers. The All Share Index (ASI) and the Market Capitalisation simultaneously diminished by 2.35% with the former tumbling to 22,198.43 basis points and the latter to N11.568 trillion.
Trade Volume of 2.804 billion billion shares estimated at N32.559 billion was recorded in 31,715 deals this week compared to the 3.964 billion shares worth N43.703 billion posted in 26,054 deals last week.
On the Activity Chart, the Financial Services sector dominated trade with 2.508 billion shares estimated at N25.292 billion traded in 23,243 deals. Specifically, it contributed 89.44% and 77.68% to the total equity volume and value respectively. The Conglomerates industry came next, trading 60.873 million shares worth N105.948 million in 767 deals. The Services industry followed, trading 51.296 million shares priced at N117.545 million in 350 deals.
As regards Index Movement, all indices depreciated save for the NSE Banking, NSE Insurance and NSE Oil and Gas which gained 0.29%, 2.80% and 0.22% in that order. The NSE ASeM Index did not budge.
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