Stocks Tumble as Nigerian Bourse Sustains Selloffs for 3-day
Stocks tumble again on Wednesday as Nigerian bourse sustains selloffs for the third trading session despite unimpressive yield in the fixed income market.
There was strong profit-taking in Tier 1 banking stock, with both Zenith and GTCO recording price decline, a similar reflection of Tuesday trading outturn.
Some analysts had told MarketForces Africa that a continuous slowdown in 364-day treasury bills could drive momentum in the equity space. Largely, the Nigerian Exchange has depicted a seesaw movement as local investors hold forte in the market.
Like the previous trading session this week, the Nigeria equity market sustained the bearish sentiment, recording a 0.12 per cent drop.
Today’s bearish sentiment was driven by sell-off in all the five major market sectors, save for the Oil & Gas sector with a gain of 0.55 per cent.
Resultantly, the All-Share Index shed 46.77 basis points, a 0.12 per cent decrease to close at 39,2204.52 points on Wednesday.
Due to the price depreciation across sectors, the market capitalisation lost ₦24.37 billion, representing a decline of 0.12 per cent to close at ₦20.43 trillion.
Despite the slowdown in valuations, the market activities were mixed, as the total volume traded dissed by 0.53 per cent, while the total value traded appreciated by 11.52 per cent. The market breadth closed at par, recording 15 gainers and 15 losers.
Stock market data shows that a total of 354.06 million units of shares valued at ₦3.20 billion were traded in 4,095 deals, Atlass portfolios analysts said in today’s market report.
FBNH remained the top traded stock in terms of volume, accounting for 24.29 per cent of the total volume of trades.
This was followed by ACCESS (20.07%), UNIVINSURE (6.30%), GTCO (5.49%), and TRANSCORP (4.55%) to complete the top five on the volume chart.
ACCESS also maintained its spot as the most traded stock in value terms, with 20.96 per cent of the total value of trade on the exchange.
REGALINS topped the gainers’ table with price appreciation of 8.51 per cent, followed closely by UNIVINSURE (5.00%), FCMB (3.45%), OANDO (3.18%), VITAFOAM (2.13%), DANGSUGAR (1.16%), ACCESS (0.53%) and eight others.
Conversely, SCOA topped the losers’ table as its share price declined by 9.72 per cent to close at ₦1.30, as GTCO (-1.99%), JAPAULGOLD (-1.92%), FIDELITYBK (-0.85%), ZENITH BANK (-0.83%), STERLNBANK (-0.64%), STANBIC (-0.51%) and UACN (-0.47%) amongst others also decline in price.
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Stocks Tumble as Nigerian Bourse Sustains Selloffs for 3-day
