The equities market extended its losing streak to the sixth consecutive day yesterday asÂ sell pressure persisted. Having remained in the negative territory for the whole last week and shedding, 3.39 per cent, the bulls were expected to return.
However, the bears consolidated their hold on the market, driving down the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 0.9 per cent to close lower at 42,737.89.Â Â Similarly, the market capitalisation fell by same margin to closeÂ Â at N15.34 trillion.
Â The depreciation recorded in the share prices of GTBank, FBN Holdings, Zenith Bank, Dangote Sugar, and Transcorp were mainly responsible for the declineÂ Â Â recorded.
According analysts at FSDHÂ Â Research, the on-going sell sentiment may continue till midweek albeit on a milder scale than in the previous trading sessions
â€œProfit taking and bargain hunting may likely characterise subsequent trading sessions,â€ they added.
In all, 36 stocks depreciated, while only 13 appreciated.Â Â Â Eternal Plc led the price losers with 9.6 per cent, trailed by Equity Assurance Plc with 8.3 per cent. AIICO Insurance Plc shed 8.2 per cent, while Consolidated Hallmark Insurance Plc lost 5.7 per cent.
FBN Holdings Plc, GTBank Plc and Multiverse depreciated by 5.0 per cent apiece. May & Baker Nigeria Plc and Fidelity Bank Plc shed 4.9 per cent each.
On the positive side,Â Â PZ Cussons Nigeria Plc led the price gainersÂ Â with 5.8 per cent, trailed by Beta Glass Plc,Â Â Glaxosmithkline Consumer Nigeria PlcÂ and Unity Bank Plc with 4.9 per cent apiece.
UAC of Nigeria Plc chalked up 4.1 per cent, just as Jaiz Bank Plc, Linkage Assurance Plc garnered 3.8 per cent and 3.5 per centÂ respectively. C & I Leasing Plc,Â Â ABC Transport Plc and Wema Bank Plc advanced byÂ Â 2.7 per cent, 2.5 per cent and 2.3 per cent in that order.
All the sectoral indices trended southwards. They were led by theÂ NSEÂ Banking Index, shedding 3.8 per centÂ Â following losses in bellwether banking stocks – GTBank (-5.0 per cent) and Zenith Bank (-4.9 per cent). The NSEÂ Â Insurance IndexÂ Â followed withÂ 1.1 per cent slide while theÂ Â NSE Consumer Goods Index closed 0.9 per centÂ Â lower due toÂ Â downtick in Nigerian Breweries PlcÂ (-2.9 per cent) and Dangote Sugar Refinery Plc (-4.8 per cent).Â The NSE Industrial Goods IndexÂ Â Â and NSE Oil & Gas Index shedÂ 0.4 per cent and 0.2 per cent respectively.