Nigerian bourse was bearish on Wednesday as the ASI declined further by 0.38% to close at 24,654.99 from 24,749.84 index points. Market capitalization similarly declined by 0.38% to N12.86 trillion as investors lost N48.77 billion.
However, market activity improved as total volumes and values exchanged increased by 12.72% and 24.48% to 189.25 million units and 1.91 billion respectively.
FBNH was the most traded stock by volume at 44.4 million units while ZENITH BANK was the most traded stock by value at N349.37 million.
Market sentiment, as measured by market breadth, was negative as 22 tickers declined, relative to 17 gainers. PZ and SEPLAT were the top losers of the day with -10.00% and 9.98% declines; while AIICO and NAHCO recorded the largest gains with +6.67% and +5.98% appreciations in share value.
The ASI slipped as significant losses in the Energy Index (-4.11%) and Consumer Goods Index (-1.63%) overshadowed moderate appreciations in the Insurance Index (+0.87) and the Banking Index (+0.24%). Sell-offs in SEPLAT (-9.98%); PZ (-10.00) and GUINNESS (-9.09%) drove the Energy and Consumer Goods Index southwards.
On the flip side, the Insurance Index rose as AIICO (+6.67%), PRESTIGE (+4.44%) and LASACO(+4.17%) gained, while the Banking Index marginal appreciation is attributed to gains recorded in FIDELITY, ETI and FBNH.
Nigerian bourse suffered heavy sell-offs, as crude oil broke its support levels of $40, SEPLAT led energy stocks down, with NB and GUINNESS, hitting records low. Nairametrics envisages you remain very cautious as support levels of NSE30 stocks are breached.