NSE Records ₦112.1 Billion Loss as Investors Offload Stocks

NSE Records ₦112.1 Billion Loss as Investors Offload Stocks

The Nigerian Stock Exchange (NSE) records ₦112.1 billion loss on investors offload more stocks on Thursday for the fourth day bearish trade session.

The All-Share index declined 51bps to 41,785.80 points as a result of sell-offs in DANGCEM (-2.5%), ZENITH (-0.7%), and UBA (-1.1%).

Consequently, year return declined to 4.3% while market capitalisation fell to settle at ₦21.9 trillion.

Activity level improved as volume and value traded rose 24.7% and 50.3% respectively to 629.4 million units and ₦8.0 billion.

The most traded stocks by volume were FBNH (126.4m units), GUARANTY (87.2m units) and UBN (78.4m units).

Meanwhile GUARANTY (₦2.9 billion), FBNH (₦923.2 million) and PRESCO (₦900.9 million) led by value.

Afrinvest said performance across sectors under its coverage was bearish as 4 of 6 indices declined.

The Industrial Goods index lost the most, down 1.2% due to price declines in DANGCEM (-2.5%).

Similarly, sell-offs in MANSARD (-6.5%) and LINKASSURE (-9.6%), ZENITH (-0.7%) and UBA (-1.1%) drove the Insurance and Banking indices lower by 1.1% and 0.3% respectively.

The Consumer Goods index also declined 13bps due to price weakness in CHAMPION (-9.7%).

On the flip side, the Oil & Gas indices gained 32bps following sustained bargain hunting in ARDOVA (+5.6%).

Also, the AFR-ICT index closed flat though market records that investor sentiment improves.

According to Afrinvest, investor sentiment as measured by market breadth increased to 0.9x from the 0.7x recorded previously as 22 stocks gained against 24 losers.

AFRINSURE (+10.0%), GUINEAINS (+10.0%) and MCNICHOLS (+9.8%) were the top gainers while NNFM (-9.9%), CHAMPION (-9.7%) and LINKASSURE (-9.6%) were the top losers.

“We expect the market to close in the negative region this week”, Afrinvest said.

NSE Goes South as Equities Investors Take Profits.

NSE Records ₦112.1 Billion Loss as Investors Offload Stocks

Ogochi Ndubuisi