Selloffs in large-cap stocks like UBA and OANDO drag ASI down by N291.94bn

• The Nigerian stock market continued its bearish sentiment for the fourth consecutive session this week, as the NGX All Share Index (ASI) declined by 0.32% to close at 144,187.03 points. Consequently, the year-to-date (YTD) return eased to 40.09% from the 40.53% in the previous session. Market capitalization also shed N291.94bn, to settle at N91.71trn. 
• The negative sentiment was driven by selloffs in large-cap stocks such as UBA (-2.63%), OANDO (-5.59%), and ACCESSCORP (-3.00%), outweighing buying interest in select banking names including, ZENITHBANK (+0.59%), FIRSTHOLDCO (+0.33%), and FCMB (+1.42%).
• Sectoral performance was largely negative with all major indexes closing in the red. The Insurance Index (-3.82%) led the decliners, followed by the Banking (-1.06%), Oil % Gas (-0.40%), and Industrial Goods (-0.01%) indices.
• Market activity was significantly down, with the transaction volume and value lower by 60.87% and 60.51%, respectively. FIDELITYBK (-0.78%) led the volume chart with 54.26mn units, while GTCO (-0.71%) topped the value chart with N2.15bn worth of trades.
• Market breadth closed negative at 0.37x, indicating more decliners than gainers. NCR (+10.00%) led the fourteen (14) gainers, while TANTALIZER (-9.75%) led the thirty-eight (38) losers. 

NASD Summary

• The NASD market reversed gains from the previous session, as the NASD Securities Index (NSI) and market capitalization declining by 0.73%, closing at 3605.94 points and N2.16trn, respectively.
• Market activity improved considerably, as the transacting volume and transaction value surged by 1,154.45% and 565.24%, respectively.
• SDAIRLIQ (+9.09%) led the gainers’ table, while SDACORN (-11.11%) topped the decliners in today’s session.