Stock Market Plunged ₦25.4 Billion as Investors Book Profit
The Nigerian stock market plunged ₦25.4 billion on Thursday as investors’ book profit after previous day rally.
At the close of trade, the local bourse posted a bearish performance as the NSE All-Share Index fell 12bps to close at 41,099.15 points.
The cold streak was due to sell-offs in DANGCEM (-0.2%), MANSARD (-9.8%), and UBA (-1.7%) stocks.
As a result, year to date return moderated to 2.1% while market capitalisation settle at ₦21.5 trillion.
Then, activity level improved as volume and value traded rose 72.6% and 38.7% to 1.1bn units and ₦6.4bn respectively.
The most traded stocks by volume were TRANSCORP (428.3m units), GUARANTY (62.1m units), and SOVRENINS (61.4m units) while GUARANTY (₦2.0bn), ZENITH (₦708.1m), and WAPCO (₦620.5m) topped by value.
Afrinvest said performance across sectors was largely bearish as 4 of 6 indices under its coverage closed southward.
The Industrial Goods and Oil & Gas indices rose 0.3% and 0.2% respectively due to price appreciation in WAPCO (+5.5%) and ARDOVA (+3.5%).
Conversely, the Insurance index led the laggards, down 6.7% due to sell-offs in MANSARD (-9.8%), AIICO (-9.4%) and WAPIC (-9.7%) stocks.
Similarly, the Consumer Goods and Banking indices lost 0.3% and 0.2% respectively due to sell pressures in FLOURMILL (-2.8%), DANGSUGAR (-1.0%), UBA (-1.7%) and UBN (-2.7%).
Price depreciation in MTNN (-0.1%) and CHAMS (-10.0%) drove the AFR-ICT index 0.1% lower.
Investor sentiment as measured by market breadth weakened to 0.3x from the 3.7x recorded previously as 14 stocks advanced against 49 decliners.
NNFM (+10.0%), MULTIVERSE (+10.0%) and CHAMPION (+9.9%) were the best-performing tickers.
Meanwhile, CHAMS (-10.0%), PRESTIGE (-10.0%) and TOURIST (-9.8%) were the losers.
“We expect the equities market to close on a bearish note for the week”, Afrinvest stated.
Stock Market Plunged ₦25.4 Billion as Investors Book Profit
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source https://dmarketforces.com/stock-market-plunged-%e2%82%a625-4-billion-as-investors-book-profit/