Profit-takings Knocked Off ₦22.9 Billion from Nigerian Stock Market

Profit-takings Knocked Off ₦22.9 Billion from Nigerian Stock Market

For the third trading session in the week, the bears remain resolute as profit-takings activities knocked off N22.9 billion from the Nigerian stock market capitalisation on Wednesday.

The sell-offs on the local bourse continued and the All-Share index fell 10 basis points (bps) to 42,000.01 points as the losing streaks persist.

Today loss came as a result of price declines in GUARANTY (-2.1%), WAPCO (-1.6%), and ETI (-4.8%).

Consequently, year to date return declined to 4.3% while market capitalisation settles at ₦22.0 trillion.

Meanwhile, activity level varied as volume traded declined 9.2% to 504.8 million units and value traded advanced 11.0% to ₦5.3 billion.

The most traded stocks by volume were UBN (75.6 million units), GUARANTY (60.7 million units) and FCMB (50.4 million units).

GUARANTY (₦2.0 billion), ZENITH (₦832 million) and UBN (₦434.4 million) led by value.

Afrinvest said performance across sectors under its coverage was bearish as all indicators declined save the AFR-ICT index that closed flat.

The Insurance index lost the most, down 2.3% due to price declines in WAPIC (-8.5%) and NEM (-3.1%).

Similarly, sell-offs in FLOURMILL (-3.0%), GUARANTY (-2.1%) and ETI (-4.8%) drove the Consumer Goods and Banking indices lower by 0.2% and 0.1% respectively.

The Industrial Goods and Oil & Gas indices lost 12bps and 5bps respectively following price weakness in WAPCO (-1.6%) and OANDO (-10.0%).

Investor sentiment as measured by market breadth increased to 0.7x from the 0.2x recorded previously as 19 stocks gained against 26 losers.

NCR (+9.9%), CHIPLC (+9.5%) and PRESTIGE (+9.1%) were the top gainers while LINKASSURE (-9.9%), CHAMPION (-9.8%) and REGALINS (-9.4%) were the top losers.

“We believe the expectations of and trend in corporate releases will influence performance this week”, Afrinvest stated.

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Profit-takings Knocked Off ₦22.9 Billion from Nigerian Stock Market