STOCK MARKET RECORDS 12.1% YTD LOSS ON SUSTAINED SELL-OFF

STOCK MARKET RECORDS 12.1% YTD LOSS ON SUSTAINED SELL-OFF

The Nigerian equities market declined at the close of Monday’s trading session, as prices fell across-the-board on the local bourse amid sustained negative investors’ sentiment.

Consequently, the All Share Index dipped by 1.3% to settle at 33,611.69 points even as the Market Breadth closed at 0.52x with 11 gainers and 21 losers. Furthermore, the volume and value of deals declined by 11.5% and 35.6% respectively.

A close look at the sector performance revealed that all sectors closed South with the NSE Consumer Goods Index losing the most depreciating by 3.7% on the back of losses in Nestle (-9.7%) and Nigerian Breweries (-0.4%).

Furthermore was the NSE Insurance Index dipping by 2.1% due to losses in Regency Alliance Insurance (-8.7%), Law Union & Rock Insurance (-7.4%) and N.E.M Insurance (-7.0%). Coming after was the NSE Banking Index declining by 1.3% following losses Wema Bank (-3.5%) and Zenith Bank (-1.9%). Followed by the NSE Oil & Gas Index decreasing by 0.5% due to price decline in Forte Oil (-9.3%) and Japaul Oil (-7.7%).

In addition, the NSE Industrial Index closed flattish.

The most actively traded stock in terms of volume was Diamond Bank with 30million units of shares worth c.₦40.4Billion.

Sunu Assurance led the gainers chart notching by 10.0% to close at ₦0.22 from ₦0.20 while Nestle was the biggest loser declining by 9.7% to close at ₦1,355.00 from ₦1,500.00.

We expect the volatility in the market to persist as election pressures linger.

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