Market Sheds N143bn as 43 Stocks Lose

Forex Market
  • Market Sheds N143bn as 43 Stocks Lose

Losses in the equities market were extended into the third consecutive trading session as 43 stocks dragged the market into N143bn loss.

The Nigerian Stock Exchange All-Share Index fell by 96 basis points to close at 43,963.40 basis points while the year-to-date return further moderated to 15 per cent.

Although sell pressure was recorded across board, sustained profit taking in banking stocks – Guaranty Trust Bank Plc, Zenith Bank Plc and FBN Holdings Plc, which depreciated respectively by 2.1 per cent, 3.1 per cent and four per cent, became the major drag to NSE’s negative close.

Activity level softened as volume and value traded declined by 27.3 per cent and 32.4 per cent to 536.4 million units and N5.2bn, respectively.

Sector performance was mixed as three of the five indices closed on negative notes. The banking index led the losers, closing 3.1 per cent lower following declines in GTBank, Zenith Bank and Access Bank Plc.

On the same note, the insurance index lost 1.9 per cent on price depreciation in Continental Reinsurance Plc and Custodian and Allied Plc, which dropped by 4.7 per cent and 1.3 per cent, respectively, while sell-offs in Eterna Plc, dragged the stock under by 4.9 per cent and pulled the oil/gas index 0.1 per cent lower.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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