NSE Plunged ₦132.4Bn as Stocks Post 3-day Losing Streak

NSE Plunged ₦132.4Bn as Stocks Post 3-day Losing Streak

The Nigerian Stock Exchange, NSE, plunged ₦132.4 billion on Thursday as stocks post 3-day losing streak amidst gross domestic rebound report.

The domestic bourse maintained bearish momentum for the third consecutive session as the benchmark index declined 63 basis points (bps) to 40,212.19 points.

The losing streak came on the back of sell-offs in MTNN (-0.9%), ZENITH (-3.6%), and GUARANTY (-1.9%).

Consequently, year to date return turned negative at -0.1% while market capitalisation fell to ₦21.0 trillion.

Market data shows activity level rebounded as volume and value traded improved 74.6% and 79.0% respectively to 426.3 million units and ₦4.8 billion.

The most traded stocks by volume were FBNH (129.8 million units), ZENITH (37.7 million units) and DANGSUGAR (37.1 million units).

Meanwhile, GUARANTY with transaction worth ₦1.1 billion, FBNH ₦949.3 million and ZENITH ₦912.0 million led by value.

Afrinvest said in a note that performance across sectors was poor as all indices under its coverage declined.

The Banking and Insurance indices lost the most, down 2.6% and 1.5% respectively due to declines in ZENITH (-3.6%), GUARANTY (-1.9%) and MANSARD (-3.3%).

Similarly, the Consumer Goods and AFR-ICT indices inched lower by 0.5% apiece as a result of losses in DANGSUGAR (-2.9%) and MTNN (-0.9%).

The Oil & Gas and Industrial Goods indices also declined 0.2% and 0.1% respectively as OANDO (-2.6%) and WAPCO (1.7%) ticked lower.

Year to date return turns red as stock market extends losing streak

Investor sentiment as measured by market breadth weakened to 0.3x from the 0.8x recorded previously as 10 stocks gained against 30 losers.

RTBRISCOE (+10.0%), CORNERST (+8.5%) and ROYALEX (+8.0%) were the top gainers.

Then, UPL (-9.1%), CHAMS (-8.3%) and UPDCREIT (-7.8%) were the top losers.

“We expect the market to close the week on a negative note due to sustained losses”, Afrinvest said in the report.

NSE Plunged ₦132.4Bn as Stocks Post 3-day Losing Streak