Stock Market Lost ₦65.8 Billion After 2-Day Gains
After two consecutive trading days’ gains, the Nigerian stock market lost N65.8 billion amidst renewed sell-offs.
The last two consecutive gains proved to be short-lived as the Nigerian benchmark index returned to the negative territory.
Chapel Hill Denham said today’s loss was significant enough to neuter the cumulative 17bps gained between Tuesday and Wednesday’s trading session.
The equities market ended in the negative territory following sell-offs in NIGERIAN BREWERIES (-3.7%), ACCESS (-4.7%) and ZENITH (-1.7%).
As a result, the benchmark index lost 31 basis points (bps) to 40,095.49 points, year to date return worsened to -0.44% and market capitalisation fell ₦65.8 billion to ₦21.0 trillion.
Trading activity declined as volume and value dipped 30.6% and 47.6% to 326.0m units and ₦3.7bn respectively.
The most traded stocks by volume were TRANSCORP (48.4m units), DANGSUGAR (33.9m units) and UBA (27.5m units).
Meanwhile ZENITH (₦637.6m), DANGSUGAR (₦611.8m) and GUARANTY (₦478.8m) led by value.
Afrinvest said in a market report that performance across sectors was mixed as 3 of the 6 indices under its coverage closed southward.
The Banking index led laggards, down 1.4% due to price decline in ACCESS (-4.7%) and ZENITH (-1.7%).
Also, the Consumer Goods and Oil & Gas indices closed lower at 0.8% and 0.2% respectively following sell pressures in NIGERIAN BREWERIES (-3.7%), DANGSUGAR (-0.6%) and OANDO (-1.8%).
Conversely, the Insurance index rose 0.2% following buying interest in WAPIC (+3.7%) and MANSARD (+0.9%). The Industrial Goods and AFR-ICT indices closed flat.
Investor sentiment as measured by market breadth weakened to 0.6x from the 1.0x recorded previously as 14 stocks advanced against 23 decliners.
CHAMS (+9.1%), ROYALEX (+8.0%) and WEMABANK (+7.7%) were the top gainers while LASACO (-9.7%), FIDSON (-8.4%) and ETI (-6.3%) were the top losers.
Sell Pressure in Bellwethers Drags Equities Market Performance
“We expect the market to close in the red for the week”, Afrinvest projected.
Stock Market Lost ₦65.8 Billion After 2-Day Gains
