The NGX ASI continued to trade on the southward path, resulting in the third consecutive session of decline. The index declined by 0.79% in Friday’s trading session.
This was driven by contraction across major sectors including banking (-0.91%), consumers (-0.11%), and industrial (-0.28%).
The decline in the banking sector was driven by GTCO (-1.69%), Access (-1.61%), and United capital (-1.45%) whilst the decline in the consumer goods sector was driven by Flourmills (-2.44%) and UACN (-8.93%).
The contraction in the industrial sector was buoyed by BUA Cement (-5.21%).
Although analysts highlight the earnings result of few companies including Flourmills, Seplat and BUA Cement, they attribute the three-day contraction to profit-taking in the market.
Hinged the above, Month to date gains moderated to 15.23% whilst YTD loss worsened to 4.43%.