Stock Market Records Sloppy Trading Week over Sustained Sell-offs
Sentiment on the Nigerian equities market remained bearish for the fifth consecutive trading session this week.
At the close of the market, investors took profit in DANGCEM (-10.7%), WAPCO (-10.7%) and ZENITH (-3.6%).
“We believe today’s loss was largely due to sell-off on Dangote Cement, which accounts for c.18% of market capitalization”, Chapel Hill Denham said.
At the end of today’s session, the NSE All-Share Index fell by 0.94% to 34,250.74 points as market’s year to date return reduced to 27.60%.
As a result of fully bearish performance in the week, the stock market capitalisation plunged to N17.902 trillion.
The gainers list was topped by FTN Cocoa Plc (+10.00% to N0.44), Sterling Bank (+9.94% to N1.88), and FBN Holdings Plc (+8.73% to N6.85).
Meanwhile on the loser’s list were Dangote Cement Plc (-8.04% to N183.00), Neimeth Plc (-5.98% to N2.20), and Regency Assurance Plc (-4.76% to N0.20).
Week-on-week, market data shows that the equity market lost 2.53%.
Meanwhile, Chapel Hill Denham said performance across its coverage universe was largely positive, as 4 of 5 coverage indices closed higher.
However, Afrinvest said performance across sectors was bearish as all indices under its coverage trended southward week on week.
The NSE banking, the NSE insurance, the NSE oil & gas, and the NSE consumer goods indices all gained 2.54%, 2.10%, 0.37%, and 0.18% respectively.
However, the NSE industrial goods index lost 4.09%.
Market’s activity was mixed, as volume traded rose by 42.23% to 788mn units, while value traded fell by 34.10% to N4.375bn.
Today’s most traded stocks by volume were Jaiz Bank Plc (401mn units), Regency Assurance Plc (59mn units), and Access Bank Plc (49mn units).
On the other hand, Zenith Bank Plc (N1,083bn), Access Bank Plc (386bn), and Unilever Nigeria Plc (N364bn) were the most traded stocks by value.
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Today, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) gained 53bps and 25bps respectively.
“In the coming week, we anticipate that investors will partake in profit-taking activities”, Afrinvest predicted.
Stock Market Records Sloppy Trading Week over Sustained Sell-offs
