Profit-takings wiped off ₦164.3 Billion from Nigerian Stock Market
The Nigerian Stock market plunged ₦164.3 billion on Tuesday as profit-taking activities continue for the second day in the new week.
The market continued on a downtrend with the benchmark index down 74 basis points (bps) to 42,043.79 points.
The sell-offs was driven WAPCO (-6.7%), ZENITH (-3.1%), and GUARANTY (-2.2%).
Consequently, year to date return declined to 4.4% while market capitalisation settle at ₦22 trillion.
Activity level waned as volume and value traded declined 5.3% and 20.6% respectively to 586.8 million units and ₦4.8 billion.
The most traded stocks by volume were UBN (79.5 million units), TRANSCORP (52.7 million units) and FBNH (49.5 million units).
Meanwhile ZENITH (₦1.0 billion), UBN (₦457.3 million) and SEPLAT (₦453.0 million) led by value.
Overall, the stock market records lacklustre performance across sectors.
Afrinvest said performance across sectors under its coverage was bearish as all indicators declined save the AFR-ICT index that inched marginally higher by 1bp.
The Banking and Insurance indices lost the most, down 3.1% and 2.3% respectively due to price declines in ZENITH (-3.1%), GUARANTY (-2.2%) and AIICO (-5.9%).
Similarly, sell-offs in DANGSUGAR (-3.2%) and FLOURMILL (-1.8%) drove the Consumer Goods index lower by 0.9%.
The Industrial Goods and Oil & Gas indices lost 0.5% apiece following price weakness in WAPCO (-6.7%) and ARDOVA (-10.0%).
Investor sentiment as measured by market breadth fell to 0.2x from the 1.2x recorded previously as 8 stocks gained against 49 losers.
CHAMPION (+9.9%), UNILEVER (+5.2%) and ETRANZACT (+5.2%) were the top gainers.
Meanwhile LINKASSURE (-10.0%), BOCGAS (-10.0%) and ARDOVA (-10.0%) were the top losers.
“We expect the trend in corporate releases to shape performance this week”, Afrinvest stated.
Zenith General Insurance records 16% increase in profit
Profit-takings wiped off ₦164.3 billion from Nigerian Stock Market BY Ogochukwu Ndubuisi
