Stock Market Wiped Off Early Gain as NSE Ends in Red
Stock market wiped off early gain the year amidst sustained sell-offs as the Nigerian Stock Exchange, NSE, ends the week in red.
Specifically, market capitalisation sloped down ₦301 billion to close at ₦21.155 trillion from ₦21.456 trillion posted on Thursday.
After halting the negative trend in the previous session, the Nigerian benchmark index quickly turned negative with the NSE All Share Index shedding 140 basis points to 40,439.85 points.
Friday’s sell-off was driven by DANGCEM (-3.51%), BUA (-7.22%), and GUARANTY (-0.65%).
Market data shows that from a week ago, the benchmark index has cumulatively declined by 3.04%, while year to date return moderated to 0.42%.
The blend of UAC-PROP (+9.59% to N0.80), LINKASSURE (+9.26% to ₦0.59), and JAPAULGOLD (+9.23% to ₦0.71) were today’s top gaining stocks.
On the flip side, LIVESTOCK (-9.78% to ₦2.03), NEM (-9.69% to ₦2.05), and BUACEMENT (-7.22% to ₦73.30) were today’s top losers.
Chapel Hill Denham said in a statement that performance across its coverage universe was broadly bullish.
Precisely, all 4 of 5 its coverage indices closed in the green terrain.
The NSE Banking, NSE consumer goods, NSE insurance, and NSE Oil & gas indices all closed positive, rising by 52bps, 28bps, 4bps, and 14bps, respectively.
The foregoing was completely offset by the loss in the NSE Industrial index, which dipped by as much as 455bps, thanks to DANGCEM and BUACEMENT.
The market’s activity was negative, with the total volume and value traded declining by 69.96% and 18.86% to 396mn and ₦5.190bn, respectively.
Today’s most traded stocks by volume were ZENITHBANK (55.60mn units), TRANSCORP (42.71mn units), and FBNH (42.07mn units).
On the other hand, the top traded stocks by value were ZENITHBANK (₦1.375bn), GUARANTY (₦1.284bn), and WAPCO (₦0.522bn).
Elsewhere, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) rose by 239bps and 1bp, respectively.
Federal Government Redeems $US500 Million Eurobond
Stock Market Wiped Off Early Gain as NSE Ends in Red
The post Stock Market Wiped Off Early Gain as NSE Ends in Red appeared first on MarketForces Africa.
source https://dmarketforces.com/stock-market-wiped-off-early-gain-as-nse-ends-in-red/