Stock Market Slipped ₦28.6 Billion as Investors Book Profits
The Nigerian stock market slipped ₦28.6 billion at the first trading session in the week as investors’ book profits.
The market resumed this month’s trading on a bearish note as the benchmark index declined 13 basis points (bps) to 42,357.90 points.
This was due to sell-offs in some high capitalised stocks like NESTLE (-3.7%), ACCESS (-1.6%), and FLOURMILL (-3.2%).
Consequently, year to date return declined to 5.2% while market capitalisation settled at ₦22.2 trillion.
Activity level waned as volume and value traded declined 12.4% and 8.6% respectively to 586.8 million units and ₦6.0 billion.
The most traded stocks by volume were UBN (79.6 million units), TRANSCORP (61.8 million units) and UBA (44.3 million units).
ZENITH (₦859.0 million), NESTLE (₦791.6 million) and GUARANTY (₦779.0 million) led by value.
Afrinvest said performance across sectors under its coverage was mixed as 2 indicators advanced, 2 lost and the AFR-ICT & Industrial Goods indices closed flat.
The Insurance and Oil & Gas indices gained 0.4% and 0.2% respectively due to price appreciation in NEM (+6.6%), WAPIC (+9.3%) and SEPLAT (+1.0%).
Conversely, the Consumer Goods and Banking indices lost 1.0% and 0.1% respectively following sell-offs in NESTLE (-3.7%), FLOURMILL (-3.2%) and ACCESS (-1.6%).
Investor sentiment as measured by market breadth remained at 1.2x as recorded previously as 34 stocks gained against 28 losers.
HONYFLOUR (+10.0%), CHAMPION (+10.0%) and MCNICHOLS (+9.8%) were the top gainers.
Meanwhile, ROYALEX (-10.0%), GUINEAINS (-9.1%) and AFRINSURE (-8.0%) were the top losers.
“We expect the trend in corporate releases to shape performance this week”, Afrinvest said.
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Stock Market Slipped ₦28.6 Billion as Investors Book Profits
