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NSE: Sell pressures push equity southwards as market plunges by 0.4%

Stock Market: Investors lose N546b in first half

Following sell pressures in MTNN (1.6%),DANGCEM (1.2%) and FBNH (1.8%) in Thursday’s trading session, the local bourse sustained its bearish run as the benchmark index plunged 0.4% to print at 27,990.61 points. 

Consequently, the YTD loss worsened to 10.9% while investors lost N47.8 billion as market capitalisation declined to N13.6 trillion. 

However, activity level was mixed as volume traded surged 127.6% while value traded declined 25.1% to settle at 359.1m units and ₦1.9bn respectively. 

The most traded stocks by volume were COURTVILLE (150.0m units), FCMB (73.3m units) and UBA (35.7m units) while MTNN (N427.5m), GUARANTY(N228.8m) and UBA (N200.6m) were the most traded by value.

Sector performance was mixed as 3 of the 6 sectors under our coverage ended the trading session on a positive note. 

The Industrial Goods and Insurance indices recorded the highest gains at 0.3% each as investors took positions in WAPCO (+1.8%) as well as NEM(+5.8%) and MBENEFIT (+5.0%). 

Similarly, the Consumer Goods index gained 0.2% following price appreciation in FLOURMILLS (+6.1%) and DANGFLOUR (+0.6%). 

On the flip side, the Oil & Gas, Banking and the AFR-ICT indices lost 0.8%, 0.4% and 0.9% respectively on the back of sell-offs in OANDO (5.0%), STERLING (4.2%) and MTNN (1.6%).

Investor sentiment was unchanged as market breadth (advance/decline ratio) printed at 1.0x , similar to yesterday’s trading session as 15 stocks gained against 15 that lost. 

FCMB(+8.8%), CHAMS (8.0%) and FLOURMILLS(6.1%) led the gainers while WAPIC (10.0%),MORISON (9.1%) and CAVERTON (8.9%) were the top losers. 

Investors at Afrinvest Securities Limited expect the bearish performance to persist, although there were opportunities for investors to take advantage of undervalued stocks.

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