Stocks Reverse Gain as Selloffs Resume at Local Bourse
Listed stocks reverse gain as selloffs resume at the local bourse on Thursday. Stockbrokers spotted sell pressure on OANDO (-8.5%), DANGSUGAR (-0.8%), and UBA (-0.7%) which then drove negative performance on the domestic bourse.
As a result, the All-Share Index slid by 2 basis points to 37,898.59 points. Market data shows that year to date loss was unchanged at -5.9% as market capitalisation slides by ₦4.5 billion to ₦19.8 trillion.
Trading activity declined as volume and value traded fell by 3.9% and 15.5% respectively to 205.5 million units and ₦2.7 billion.
The most traded stocks by volume were GTCO (41.8 million units), MBENEFIT (14.7 million units), and WEMABANK (13.2 million units) while GTCO (₦1.3 billion), ZENITH (₦233.8 million), and STANBIC (₦227.6 million) led by value.
Bullish Sector Performance
Afrinvest said in a market report that performance across sectors under its coverage was positive as 4 indices gained, 1 index lost while the Industrial Goods index remained flat.
The Banking and Insurance indices led the gainers, up 0.4% apiece, due to buying interest in ZENITH (+0.6%), WEMABANK (+9.5%), LINKASSURE (+9.5%), and AIICO (+1.0%).
Similarly, the Consumer Goods and AFR-ICT indices rose by 2bps and 1bp respectively, on the back of price appreciation in PZ (+8.6%), VITAFOAM (+2.3%), and CWG (+9.6%).
On the contrary, the Oil & Gas index was the lone loser, down 1.3% mainly driven by sell pressure on OANDO (-8.5%).
Investors Sentiment Unchanged
Investors sentiment, as measured by market breadth (advance/decline ratio), remained unchanged at 1.3x as 20 stocks gained while 15 stocks lost.
TRIPPLEG (+10.0%), IKEJAHOTEL (+9.8%), and CWG (+9.6%) led gainers while ROYALEX (-9.8%), OANDO (-8.5%), and MBENEFIT (-7.0%) led decliners.
“In the last trading session of the week, we expect negative performance to be sustained on continued profit taking”, Afrinvest said.
Stocks Reverse Gain as Selloffs Resume at Local Bourse
