Business
Stock market opens on bearish note as shares shed 45bps to close at N13.6tn
Market capitalization on the trading floor of the Nigerian Stock Exchange (NSE) declined by N61.2 billion to close at N13.6 trillion on Monday while year-to-date (YTD) loss worsened to -1.6%.
The equities market maintained a Bearish outing shedding 45bps to settle at 30,930.39 points on the back of losses in SEPLAT (-9.1%), ETI (-9.9%) and DANGSUGAR (-9.1%).
However, activity level increased as volume and value traded rose 15.5% and 3.2% to 246.0 million units and N2.8 billion respectively.
The top traded stocks by volume include FCMB with 70.6m units, Guaranty with 34.0m units and Oando with 27.1m units while Guaranty with N1.1bn, DangCem with N256.1m and MTNN with N200.5m held on to the top traded securities by value.
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Performance across sectors was largely bearish as the Oil & Gas index declined the most, shedding 5.7% due to sell-offs in SEPLAT (-9.1%).
The Insurance and Consumer Goods indices trailed, down 0.6% and 0.4% respectively, consequent on losses in NEM (-5.5%), LAWUNION (-4.2%), DANGSUGAR (-9.1%) and NASCON (-9.2%).
Similarly, the Banking index declined by 0.3% on account of sell pressure in ETI (-9.9%) and WEMABANK (-3.1%) while losses in WAPCO (-1.0%) and CUTIX (-3.1%) dragged the Industrial Goods index 0.1% lower. On the flip side, the Afrinvesr ICT (AFR-ICT) index advanced marginally by 0.1% as a result of price appreciation in MTNN (+0.1%).
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.5x from 0.6x recorded last Friday as 15 stocks advanced against 28 decliners.
The best performing stocks include CHAMPION with +9.9%, UPL with +9.4% and ACADEMY with +8.0% while GLAXOSMITH, ETI and JULIUS BERGER led laggards by -10.0%, -9.9% and -9.8% respectively.
Babatunde Alao…
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