Market Cap Declines ₦69.6 Billion on Renewed Bearish Activity

Market Cap Declines ₦69.6 Billion on Renewed Bearish Activity

Stock market capitalisation declines ₦69.6 billion on account of sell-offs in some highly capitalised stocks, thus dragged the stock market performance on Tuesday.

The Nigerian Stock Exchange index declined by 54 basis points bps to settle at 24,650.16 points due to sell-offs in MTNN (-1.7%), GUARANTY (-3.0%) and SEPLAT (-9.8%).

Consequently, investors lost ₦69.6 billion as market capitalisation fell to ₦12.9 trillion, year to date loss worsened to -8.2%.Market Cap Declines ₦69.6 Billion on Renewed Bearish Activity

Activity level waned as volume and value traded declined by 11.5% and 17.1% to 150.4 million units and ₦2 billion respectively.

The top traded stocks by volume were MBENEFIT which traded 26.9 million units, FBNH did 17 million units and ACCESS 11.2 million units.

MTNN transaction traded ₦939.5 million, GUARANTY ₦190.4 million and WAPCO ₦130.8 million to led by value.

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Performance across sectors was bearish as only the Insurance index (+0.4%) gained due to price appreciation in MBENEFIT (+10.0%) and AIICO (+1.1%).

On the other hand, the Oil & Gas (-5.2%) and AFR-ICT (-0.9%) indices declined on the back of losses in SEPLAT (-9.8%), TOTAL (-9.9%) and MTNN (-1.7%).

The Banking (-0.5%) and Consumer Goods (-0.1%) indices also lost owing to sell-pressures in GUARANTY (-3.0%), FBNH (-1.0%), PZ (-3.7%) and GUINNESS (-1.8%).

Meanwhile, the Industrial Goods index closed flat.

Afrinvest said investor sentiment as measured by market breadth remained unchanged at 0.8x as 14 stocks advanced against the 17 decliners.

The top gainers were MBENEFIT (+10.0%), BERGER (+10.0%) and UNITYBNK (+8.8%) while TOTAL (-9.9%), SEPLAT (-9.8%) and NPFMCRFBK (-7.7%) lost the most.

“We believe the performance of the market this week would be majorly dictated by the trend in earnings releases”, Afrinvest stated.

Market Cap Declines ₦69.6 Billion on Renewed Bearish Activity by Ogochi Ndubuisi.