Stock market cap drops ₦12.2 billion due to sell-offs

The Nigerian Stock Exchange  equities market capitalisation dropped by ₦12.2 billion on Tuesday to close at ₦14.3 trillion.

Meanwhile, volume traded today increased by 24.86% to close at 168,073,631 while the total value of stock traded increased by 36.18% to close at 2.16 billion in 3,075 deals.

Price depreciation in Banking stocks – FBNH (-2.5%), UBA (-1.9%) and GUARANTY (-0.5%) – pulled the All-Share Index down 8bps to 27,547.56 points.

Consequently, year to date (YTD) return fell to 2.6%.

The most active stocks by volume were ZENITH (49.0m units), GUARANTY (17.1m units) and UCAP (15.6m units) while ZENITH (₦953.2m), GUARANTY (₦494.8m) and ACCESS (₦124.4m) led by value.

Across sectors, performance was mixed as 2 indices lost, 1 gained and 3 closed flat.

Also, the Banking and Consumer Goods indices lost, down 49bps and 1bp following price declines in FBNH (-2.5%), UBA (-1.9%), GUARANTY (-0.5%) and VITAFOAM (-3.2%).

On the other hand, the Insurance index was the lone gainer, up 22bps on the back of price appreciation in WAPIC (+10.0%) and AIICO (+2.5%).

Finally, the Oil & Gas, Industrial Goods and AFR-ICT indices closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) improved to 0.9x from the 0.6x recorded in the previous trading session as 12 stocks advanced relative to 13 decliners.

The best performers were UAC-PROP (+10.0%), WAPIC (+10.0%) and CILEASING (+7.4%) while LAWUNION (-4.8%), JAPAULOIL (-4.8%) and COURTVILLE (-4.5%) led the laggards.

Analysts at Afrinvest maintain bearish outlook on the equities market pending the corporate earnings release of tier-1 Banking stocks.

“However, we note that there are opportunities for bargain hunting”, Afrinvest said.

Stock market cap drops ₦12.2 billion due to sell-offs