Year to date return turns red as stock market extends losing streak

Investors’ fortunes decline as the Nigerian Stock Exchange  extends losing streak to five consecutive trading sessions.

The equities market continued its loss-making trend as the All-Share Index dipped 62 basis points (bps) to 26,808.24 points following price declines in STANBIC (-6.2%), GUARANTY (-2.2%) and FBNH (-5.6%).

Jaiz, Law Union and Nacho led the gainer charts as sell-offs in bellwether stocks pushed market indicators down.

The year to date (YTD) return turned negative, down to -0.1% while market capitalisation dropped ₦86.6 billion to ₦14.0 trillion.

Activity level rose as volume and value traded advanced 1.4% and 63.7% to 231.5m units and ₦4.5 billion respectively.

Meanwhile, the most active stocks by volume were ZENITH (45.6 million units), NIGERIAN BREWERIES (39.5 million units) and GUARANTY (35.6 million units).

However, NIGERIAN BREWERIES ₦1.8 billion, GUARANTY ₦949.1 million and ZENITH ₦868.1 million led by value.

Across sectors, performance was mixed as 3 indices lost, 2 gained and 1 closed flat.

The Banking index led laggards, down 1.4% due to sell-offs in GUARANTY (-2.2%) and ACCESS (-2.8%).

Similarly, the Consumer Goods and Oil & Gas indices fell 0.9% and 0.6% respectively, on the back of losses in FLOURMILL (-8.7%), NIGERIAN BREWERIES (-2.2%) and OANDO (-5.7%).

Conversely, the Insurance index led gainers, up 0.9% due to buying interest in LAWUNION (+8.0%) and AIICO (+3.7%).

The AFR-ICT index (0.1%) trailed, following gains in MTNN (+0.1%). Finally, the Industrial Goods index closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) remained at 0.7x as 13 stocks advanced relative to 19 decliners.

The best performers were JAIZ (+9.4%), LAWUNION (+8.0%) and NAHCO (+7.0%) while FLOURMILL (-8.7%), CHIPLC (-6.2%) and NPFMCRFBK (-6.2%) led the laggards.

“We expect the equities market to close the week in the red”, Afrinvest said.

Year to date return turns red as stock market extends losing streak


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