Stock Market Halts Rally as Investors Lost N6.8 Billion

Stock Market Halts Rally as Investors Lost N6.8 Billion

The Nigerian stock market halt rally on Tuesday as investors lost N6.8 billion from their fortune after eight days long price appreciations.

As a result of the bearish outing, the Nigerian Exchange benchmark index moderated by 3 basis points (bps), the first negative return in eight consecutive sessions.

Analysts at Chapel Hill Denham said based on their attribution analysis, most of the losses stemmed from profit-taking across most tier 1 banking stocks.

Especially, ZENITHBANK stock which shed 0.45%, GUARANTY dropped off 0.48%, UBA slide 1.33%, and FBNH lost 0.67%.

Against that backdrop, the year to date loss rose to 2.40%, while the stock market capitalisation declined to N20.570 trillion.

On today’s price list, PRESTIGE (+9.52% to N0.46), WEMABANK (+8.77% to N0.62%), and ROYALEX (+7.69% to N0.42) were today’s top gaining stocks.

On the flip side, Consolidated Hallmark Insurance Plc (-9.09% to N0.30), University Press Plc (-8.59% to N1.17), and Chams Plc (-4.55% to N0.21) were today’s top losers.

Chapel Hill Denham noted that performance across its coverage universe was largely bullish, the firm said only 1 of 5 of its coverage indices closed in the red terrain.

The NSE banking index declined, shedding 60bps, effectively offsetting the gains recorded across the NSE consumer goods, NSE oil & gas, NSE industrial goods, and NSE Insurance, all of which rose by 3bps, 19bps, 1bp, and 96bps, respectively.

However, it was noted that market’s activity was broadly mixed as the total volume declined by 23.31% to 154 million, while the total value traded rose by 12.75% to N1.286 billion.

Today’s most traded stocks by volume were ACCESS (57.18 million units), TRANSCORP (30.82 million units), and FIDELITYBK (29.43 million units).

On the other hand, the top traded stocks by value were GUARANTY (N0.496 billion), ACCESS (N0.410 billion), and ZENITHBANK (N0.328 billion).

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Elsewhere, Chapel Hill Denham’s Paramount Equity Fund (PEF) and Women Investment Fund (WIF) closed flat.

Stock Market Halts Rally as Investors Lost N6.8 Billion