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%.


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