Stock Market Wipes Off ₦15.2Bn as Benchmark Index Tumbles
Amidst sustained bearish trend, the Nigerian stock market wipes off ₦15.1 billion on Wednesday as market index tumbles amidst rising inflation rate readings.
Activities at the domestic bourse recorded a bearish performance as the benchmark index declined 7 basis points (bps) to 40,465.32 points.
Sustained bearish trade appears to reduced early gain reported in 2021 amidst profit-takings activities.
Notably, conservative investors like Pension Fund Administrators appear to be enticed with upward yield repricing at the fixed income market segment.
Today’s loss was driven sell-offs in BUACEMENT (-1.8%), ACCESS (-1.8%), and BETAGLASS (-7.8%).
Consequently, year to date return declined to 0.5% while market capitalisation inched lower by ₦15.2bn to settle at ₦21.2 trillion.
Activity level waned as volume and value traded declined 31.5% and 54.0% respectively to 244.2m units and ₦2.7 billion.
The most traded stocks by volume were FBNH (52.3 million units), TRANSCORP (24.8 million units) and GUARANTY (16.5 million units).
Meanwhile, MTNN (₦557.1 million), GUARANTY (₦512.5 million) and FBNH (₦381.5 million) led by value in the chart.
Afrinvest stated that performance across sectors was mixed as 3 of 6 indices under its coverage closed lower.
The Industrial Goods and Banking indices lost the most, down 0.8% and 0.2% respectively due to declines in BUACEMENT (-1.8%), ACCESS (-1.8%) and FCMB (-3.0%).
Similarly, the Consumer Goods index inched lower by 7bps as a result of losses in GUINNESS (-3.4%) and ZENITH (-0.6%).
On the flip side, the Insurance and AFR-ICT indices appreciated 1.9% and 0.5% respectively as CORNERST (+9.3%), WAPIC (+7.3%) and MTNN (+0.9%) ticked higher.
But, the Oil & Gas index appreciated 0.2% due to gains in OANDO (+2.7%).
Investor sentiment as measured by market breadth weakened to 0.8x from the 1.1x recorded previously as 17 stocks gained against 22 losers.
JBERGER (+9.7%), HONYFLOUR (+9.6%) and CORNERST (+9.3%) were the top gainers while BETAGLASS (-9.7%), FIDSON (-8.5%) and CHIPLC (-7.9%) were the top losers.
NSE Opens Positive as Stock Pickers take Large Bet
“We believe bargain hunting would boost the performance of the market this week as prices remain attractive”, Afrinvest said.
Stock Market Wipes Off ₦15.2Bn as Benchmark Index Tumbles
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source https://dmarketforces.com/stock-market-wipes-off-%e2%82%a615-2bn-as-benchmark-index-tumbles/