Investors Lose as Bear Returns to Stock Market
Equities investors lose about N10 billion on Wednesday as bears returned to the market after a halt to loss-making streaks. The selloffs reversed gain reported as value hunters pull the trigger in a move to reshuffle their respective portfolios amidst yield repricing in the fixed income space.
Consequently, the Nigerian Exchange All-Share Index dipped 18.29 basis points to 49,691.17. While the Market Capitalization lost ₦9.87 billion to close at ₦26.80 trillion. Trading data shows that market activities were mixed, as the total volume dipped by 36.92 per cent while the total value surged significantly, up 4.12 per cent.
Banking stocks posted price depreciation on the Nigerian Exchange, making the market capitalisation decrease to N26.801 trillion from N26.811 recorded on Tuesday. Tier-one banks such as Zenith Bank, First Bank of Nigeria Holdings (FBNH) and United Bank of Nigeria (UBA) were the major drivers of the market’s performance.
Stock market data shows that the year-to-date return has fallen to 16.33 per cent, from as high as 26% in the third quarter. a development that follows lower investor sentiment in the local bourse.
Market breadth closed negative as 10 stocks advanced against 15 that declined. Prestige Assurance Company led the gainers’ chart with 9.09 per cent to close at 48k per share.
Sovereign Trust Insurance followed by eight per cent to close at 27k per share, while Lasaco Assurance grew by 6.48 per cent to close at N1.15 per share. Also, Unity Bank inched up by 4.65 per cent to close at N45k per share and Academy Press appreciated by 2.40 per cent to close at N2.13 per share.
On the losing side, Courtville Business Solutions came out last with a price depreciation of 9.8 per cent to close at 46k per share. SCOA Nigeria followed with 9.79 per cent and closed at N1.75 per share, while Skyway Aviation Handling Co. Lost 9.73 per cent to close at N5.10 per share.
Regency Alliance Insurance depreciated by eight per cent to close at 23k per share, while Honeywell Flour fell by 5.36 per cent to close at N2.65 per share. READ: Bond Market Down 26% on CBN Hawkish Balance Sheet Policy
FBN Holdings recorded the highest volume of 28.4 million traded shares worth N303. 22 million. Zenith Bank followed with 16.7 million shares worth N361.69 million, while UBA sold 11.2 million shares valued at N78.17 million.
Also, Cornerstone Insurance Company traded 11.1 million shares worth N7.43 million and Union Bank of Nigeria (UBN) sold 5.71 million shares worth N36.54 million. In all, investors staked N4.12 billion on 128.79 million shares exchanged in 3,492 deals
Consequently, the sectoral performance was negative, as three of the five major sectors closed bearishly compared to the previous session, led by Banking (-0.21%), Oil & Gas (-0.15%), and Consumer Goods (-0.05%), respectively. While the Insurance sector grew by 0.86%, leaving the Industrial Goods sector unchanged.# Investors Lose as Bear Returns to Stock Market
