Stock Market Slides N82.3 Billion as Investors Reshuffles Portfolio
The Nigerian Stock Market slides on Thursday by N82.3 billion as equities investors reshuffle their portfolio as reflected in persist sell-offs.
Market data indicates the equities market maintained its downtrend as the benchmark index fell 40 basis points (bps) to 39,364.67 points.
The bearish trend was attributed to price declines in NIGERIAN BREWERIES (-3.9%), DANGSUGAR (-6.3%) and UBA (-3.6%).
Consequently, year to date loss worsened to -2.2% and market capitalisation declined by ₦82.3 billion to ₦20.6 trillion.
Trading activity improved as volume and value advanced by 101.8% and 14.4% respectively to 493.2 million units and ₦4.7 billion.
The most traded stocks by volume were UNIVINSURE (83.3 million units), ZENITH (38.6 million units) and FBNH (31.3 million units).
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Meanwhile PRESCO traded ₦1.0 billion, ZENITH ₦983.3 million and GUARANTY ₦486.4 million led by value.
In its market report, Afrinvest said performance across sectors was poor as 4 of the 6 indices under its coverage closed southward.
The Industrial Goods index emerged as the lone gainer, up 0.2% due to price appreciation in WAPCO (+3.6%).
On the flip side, the Insurance and Banking indices lost 4.0% and 1.5% respectively due to declines in NEM (-10.0%), UBA (-3.6%) and ACCESS (-3.1%).
Similarly, the Consumer Goods and Oil & Gas indices closed lower by 1.5% and 0.6% respectively following sell pressures in NIGERIAN BREWERIES (-3.9%), DANGSUGAR (-6.3%) and ARDOVA (-9.9%).
Meanwhile, the AFR-ICT index closed flat as investors sentiment wane.
Investor sentiment as measured by market breadth declined to 0.3x from the 0.6x recorded previously as 12 stocks advanced against 46 decliners.
UPL (+9.9%), MORISON (+9.1%) and CAP (+5.3%) were the top gainers while FIDSON (-10.0%), NNFM (-10.0%) and ENAMELWA (-10.0%) were the top losers.
“We expect the market to close the week in the red due to persistent sell-offs”, Afrinvest said.
Stock Market Slides N82.3 Billion as Investors Reshuffles Portfolio
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