Nigerian Stock Market Records ₦28.3bn Loss as Investors Book Profits

Nigerian Stock Market Records ₦28.3bn Loss as Investors Book Profits

The Nigerian stock market records ₦28.3 billion loss as investors’ book profit, shedding their positions to raise cash for seventh trading session.

Sell pressure in ZENITH (-0.8%), GUARANTY (-0.5%), and INTBREW (-2.6%) dragged the benchmark index lower by 13 basis points (bps) to 41,510.16 points, extending the previous day’s loss.

As a result, year to date return further declined to 3.1% while market capitalisation settled at ₦21.7 trillion.

Market data shows that activity level was mixed as volume traded fell 10.1% to 305.9 million units while value traded rose 49.7% to ₦4.0 billion.

The most traded stocks by volume were FBNH (47.8 million units), GUINNESS (37.2 million units) and RTBRISCOE (26.8 million units).

GUINNESS (₦732.3 million), ZENITH (₦651.0 million) and MTNN (₦521.2 million) led by value.

Afrinvest said performance across sectors under its coverage was largely bearish as 5 of 6 indices closed in the red, save the AFR-ICT index which closed flat.

The Insurance and Banking indices lost 1.7% and 0.5% respectively due to sell pressures in NEM (-9.2%), MANSARD (-2.3%), ZENITH (-0.8%) and GUARANTY (-0.5%).

Similarly, sell-offs in INTBREW (-2.6%), DANGSUGAR (-1.8%), ARDOVA (-5.8%) and JAPAULGO (-8.9%) dragged the Consumer Goods and Oil & Gas indices lower by 0.3% apiece.

Just as the Industrial Goods index declined 4bps due to profit-taking in WAPCO (-0.6%).

Investor sentiment as measured by market breadth weakened to 1.0x from the 1.3x recorded previously as 23 stocks gained against 22 losers.

MORISON (+10.0%), LINKASSURE (+10.0%) and RTBRISCOE (+10.0%) were the top gainers.

Meanwhile NNFM (-9.9%), NEM (-9.2%) and NIGERINS (-9.1%) were the top losers.

“In the next trading session, we expect to see investors take position in bellwether stocks.

Fixed Income Market Records Quiet, Soft Trading Session

“However, trades might be influenced by the direction of yields in the fixed income market”, Afrinvest stated.

Nigerian Stock Market Records ₦28.3bn Loss as Investors Book Profits