Stock Market Plunged as Investors' Trading Mood Switched

Stock Market Plunged as Investors’ Trading Mood Switched

The Nigerian stock market plunged over sustained bearish pattern as sell-offs on counters persisted into the second day in the trading week.

Consequently, the NSE All-Share Index fell further by 9 basis points (bps) to 35,033.74 points on sustained profit taking.

At the close of trading market’s year to date return declined to 30.52%, while market capitalisation printed at N18.311 trillion.

Penny stocks, FTN Cocoa Plc (+9.68% to N0.34), Royal Exchange (+9.52% to N0.23), and Mutual Benefit (+9.09% to N0.24), were today’s top gaining stocks.

On the flipside, Regency Assurance Plc (-8.33% to N0.22), Coronation Insurance (-4.76% to N0.40), and Chams Plc (-4.55% to N0.21) were today’s top losers.

In a note, Chapel Hill Denham said performance across its coverage universe was largely bearish, with 3 of 5 coverage indices closing higher.

The NSE insurance and the NSE oil & gas indices gained 45bps and 26bps respectively.

However, the NSE banking, the NSE industrial goods and the NSE consumer goods indices further lost 34bps, 10bps and 9bps respectively.

Market’s activity was mixed, with volume traded declining by 5.37% to 307mn units, while value traded rose by 2.59% to N3.274bn.

Most traded stocks by volume were UBA Plc (142mn units), Zenith Bank Plc (34mn units), and FBN Holdings Plc (13mn units).

Meanwhile UBA Plc (N1,202bn), Zenith Bank Plc (796bn), and Guaranty Trust Bank Plc (N322bn) were the most traded stocks by value.

Read Also: Equities Market Rebounds amidst Renew Bullish Activity

Today, the Chapel Hill Denham’s Paramount Equity Fund (PEF) lost 51bps while the Women Investment Fund (WIF) gained 45bps.

Stock Market Plunged as Investors’ Trading Mood Switched