Investors’ Fortunes Drops ₦15.6bn as Profit-Taking Persists

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Investors' Fortunes Drops ₦15.6bn as Profit-Taking Persists. Sell-offs continue today on the floor of the Nigerian Stock Exchange as investors’ fortunes declined by ₦15.6 billion.

Investors’ Fortunes Drops ₦15.6bn as Profit-Taking Persists

Sell-offs continue today on the floor of the Nigerian Stock Exchange as investors’ fortunes declined by ₦15.6 billion.

Profit-taking in MTNN (-0.4%), ZENITH (-1.5%) and FBNH (-0.9%) dragged the benchmark index 12 basis points (bps) lower to close at 24,625.24 points.

As a result, market capitalisation declined ₦15.6 billion to ₦12.8 trillion. Meanwhile, year to date loss worsened to 8.3%.Investors' Fortunes Drops ₦15.6bn as Profit-Taking Persists

Afrinvest stated that activity level waned as volume and value traded fell 31.2% and 15.2% to 130.3 m units and ₦1.6 billion respectively.

The most active stocks by volume were ZENITH which traded 19 million units, TRANSCORP 16.1 million units and FBNH 9.9m units .

Leading by value of transaction, MTNN did ₦552.3 million, ZENITH ₦308.4 million and DANGCEM ₦166.5 million.

Bearish Sector Performance:

Across sectors, performance was bearish as 3 of the 6 indices under Afrinvest’s coverage closed southward.

The Insurance index led laggards, down 0.3% due to price depreciation in LINKASSURE (-9.4%).

Similarly, the AFR-ICT and Banking indices declined 0.2% apiece owing to sell pressures in MTNN (-0.4%), ZENITH (-1.5%) and FBNH (-0.9%).

Meanwhile, the Oil & Gas, Consumer and Industrial Goods indices closed flat.

Investor Sentiment Strengthens:

Investor sentiment as measured by market breadth improved to 1.1x from the 0.8x recorded in the previous session as 9 stocks advanced against 8 decliners.

The best performing stocks were NEIMETH (+9.6%), WEMABANK (+9.1%) and CHAMS (+4.3%).

However, LINKASSURE (-9.4%), JAPAULOIL (-7.7%) and LIVESTOCK (-2.9%) lost the most.

“Following four consecutive days of sustained profit taking by investors, we expect the equities market to close in the red”, Afrinvest said.

However, opportunities for bargain hunting exists in the last trading session for the week, analysts added.

NSE Year to Date Losses Widen to 16% as Investors Fortunes Plunge

Investors’ Fortunes Drops ₦15.6bn as Profit-Taking Persists

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