Investors’ fortune decline N54 billion as market index drops
The Nigerian stock market opened the week on a negative note. Key market indicators went down, just as what have been seen in the recent time as bears over staying welcome at the local bourse.
The decline in market index was recorded following sell pressures on bellwether stocks. The all share index, ASI, shed 0.4% to print at 27,808.69 points, thus pulling the year to date (YTD) return further down to -11.5%.
The loss can be majorly attributed to selloffs in MTNN (-1.6%), NIGERIAN BREWERIES (-4.9%) and GUARANTY (-0.5%).
Market capitalisation declined to ₦13.6 trillion as investors’ wealth in the domestic equities market plunged down by ₦54.0 billion.
Meanwhile, activity level was mixed as Volume traded rose by 4.3% to settle at 285.7 million units while Value traded declined by 21.1% to ₦2.2 billion.
The top traded stocks by volume were UBA (45.3 million units), ACCESS (42.8 million units) and FBNH (41.9 million units) while top traded stocks by value were GUARANTY (₦777.8 million), DANGCEM (₦540.0 million) and ZENITHBANK (₦294.9 million).
Performance across sectors was poor as only 2 of the 6 indices under Afrinvest’s coverage gained today.
The gainers were led by the Banking Sector Index which gained 0.4%% as investor took position in UBA (+8.2%), ACCESS (+1.6%) and STERLING (+2.6%). Similarly, the Industrial Index which gained 0.2% due to price appreciation in WAPCO (+1.2%).
On the flip side, the Insurance Sector Index led the laggards, shedding 1.2% following sell pressures in LINKASSURE (-9.4%) and WAPIC (-5.3%).
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Meanwhile, the Consumer Goods and the AFRI-ICT Indices both shed 0.9% as investors sold off their position in NASCO(-10.0%), NIGERIAN BREWERIES (-4.9%) and MTNN (1.6%).
The Oil and Gas Index also declined by 0.2% due to selloffs in OANDO (-1.2%). Investor sentiment as measured by market breadth (advance/decline ratio) rose to 0.7x from 0.6x observed on Friday as 14 stocks gained against the 21 that lost.
Gainers were led by ABBEY (+10.0%), FORTE (+9.8%) and HONYFLOUR (+9.8%) while the top losers were MCNICHOLS (-10.0%), FIDSON (-9.9%) and CUTIX (-9.7%).
“We expect bearish performance to persist in the market although there are opportunities for bargain hunting”, Afrinvest stated.
Investors’ fortune decline N54 billion as market index drops
