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Equities market loses N111bn

The equities market of the Nigeria Stock Exchange (NSE) yesterday extended its losses as market capitalisation shed N111.4bn to close at N11.5tn.

Sell-offs in Guaranty(-4.5%), Stanbic (-4.1%) and Zenith (-1.5%) dragged the All Share Index (ASI) lower by 1.0% to close at 30,771.32 points while Year To Date (YTD)  performance extended to -2.1%

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Activity level declined as volume and value traded slid by 21.6% and 27.8% to 168.2m units and N1.1bn respectively.

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The top traded stocks by volume were Diamond (51.9m units), Transcorp (12.8m units) and Access (11.3m units) while Guaranty (N171.9m), Zenith (N168.7m) and Diamond (N107.2m) and were the top traded stocks by value.

Market performance was mostly bearish across sectors as the Oil & Gas index was the lone gainer, up 0.6% propped up by gains in Forte (+9.6%). The Industrial Goods index posted the worst performance, down by 2.8% following losses in CCNN (-4.9%) and WAPCO (-4.2%).

The Banking index trailed, shedding 2.1% dragged by  Guaranty (-4.5%) and Stanbic (-4.1%); while the Insurance and Consumer Goods indices also had a downward trajectory, weighed by price depreciation in Sovrenins (-4.8%), DANGSUGAR (-1.7%) and FLOURMILL (-1.6%).

Investor sentiment as measured by market breadth weakened to 0.5x from 0.9x recorded previously as 24 declining stocks outnumbered 13 gainers.

The top performing stocks for the day were Forte (+9.6%), UBN (+8.0%) and TRANSEXPR (+7.7%); while GLAXOSMITH (-10.0%), UPL (-9.6%) and MCNICHOLS (-8.5%) performed the worst.

Analysts at Afrinvest said despite the bearish performance of the market, good bargains in fundamentally sound stocks exist. “We expect investors to take positions in these stocks even as pre-election jitters continue’’, they said.

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