- Stock Market Loses N234bn in One Session
Continuing last week’s bearish sentiment that dominated trading on the floor of the Nigerian Stock Exchange, the Nigerian stock marketing, on Monday, started the week on a negative note, losing N234bn.
The NSE All-Share Index slumped by 1.5 per cent to settle at 41,988.18 from 42,638.83 basis points recorded on Friday while the year-to-date return moderated to 9.8 per cent.
Investors were said to have lost N234bn as the NSE equities capitalisation closed at N15.068tn from N15.302tn.
Monday’s negative performance was primarily on account of slides in major stocks like Dangote Cement Plc, Nestle Nigeria Plc and Zenith Bank Plc, which depreciated respectively by 3.3 per cent, 4.2 per cent and 2.2 per cent.
Accordingly, activity level dropped as volume and value traded slid by 53.4 per cent and 71.1 per cent to 287.176 million units and N2.286bn, respectively.
Sector performance was mixed as two of the five major indices declined, two appreciated and the other closed flat.
The consumer goods index topped the losers chart, down by 1.6 per cent following losses in Nestle and Nigerian Breweries Plc, which shed 4.2 per cent and 1.6 per cent, accordingly. The industrial goods index followed, dropping by 1.5 per cent largely due to sell pressures in Dangote Cement.
However, the insurance and banking indices rose by 0.74 per cent and 0.01 per cent, respectively following price rise in Linkage Assurance Plc, AXA Mansard Insurance Plc, Guaranty Trust Bank Plc and Fidelity Bank Plc, which recorded respective price appreciation by 9.1 per cent, 4.9 per cent, 2.2 per cent and 2.5 per cent.
The oil/gas index closed the day flat.
The top performing stocks were Linkage Assurance Plc, Livestock Feeds Plc and Fidson Healthcare, which appreciated accordingly by 9.1 per cent, five per cent and 4.9 per cent while the worst performers were PZ Cussons Nigeria Plc, Lasaco Insurance Plc and Enamelware Nigeria Plc, which slumped by eight per cent, 6.1 per cent and 4.9 per cent, respectively.
“Although market breadth is still negative, its advancement is an indication of strengthening investor sentiment. Against this backdrop, we expect market to perform positively in subsequent sessions this week,” analysts at Afrinvest said in a post.