Investors lose N3.5bn as sell-offs persist in equities market

The domestic equities market ended on a negative note at the close of business yesterday investors lost N3.5bn as market capitalisation fell to N12.3tn while YTD loss settled at -11.7percent.

The All-Share Index (ASI) shed 3bps to close at 23,689.12 points following price declines in MTN Nigeria (-1.4percent ), SEPLAT (-3.6percent ) and United Bank for Africa, UBA (-0.8percent ).

Activity level was mixed as volume traded rose 2.3percent to 159.2m units while value traded declined 8.1percent to N1.5bn.

The most active stocks by volume were FBNH (50.8m units), Access banks (10.9m units) and UBA (9.8m units) while FBNH (N242.1bn), Nigerian Breweries (N219.7bn) and Nestle (N206.4bn) led the value chart.

Performance across sectors was bullish as 4 of 6 indices under review reflected upswing trend while the Industrial Goods index closed flat.

The Insurance index led gainers chart, up 1.9percent following bargain hunting in Mansard (+8.2percent) and WAPIC (+7.1percent). Similarly, the Oil & Gas and Banking indices appreciated 1.0percent and 0.6percent respectively due to buying interest in Mobil (+9.9 percent ), Total (+6.8percent ), GTB (+2.1percent ) and Stanbic IBTC (+2.6percent ).

Price upticks in Unilever (+10.0percent) drove the Consumer Goods index higher by 0.4percent. Conversely, the AFR-ICT index was the lone laggard, down 0.8percent as a result of price declines in MTNN (-1.4percent).

Investor sentiment as measured by market breadth (advance/decline ratio) rose to 2.5x from the 0.9x recorded in the previous session as 20 stocks gained relative to 8 losers. The top gainers were Unilever (+10.0percent), Mobil (+9.9percent) and May & Baker (+9.7percent) while JAIZ bank (-6.5percent)


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