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STOCK MARKET: Sustained sell-offs drag bearish performance into third consecutive session

NSE suspends trading in shares of 11 companies

The bearish performance of the local bourse was on Wednesday extended into the third consecutive session as sell pressures in DANGCEM (-1.6%), ZENITH (-1.0%) and MOBIL (-9.7%) dragged the benchmark index 7bps lower to 29,375.25 points while YTD loss remained at -6.5%.

Accordingly, investors lost N8.8bn in value as market capitalisation decreased to N12.9tn.

However, activity level was mixed as volume traded rose 18.5% to 237.7m units while value traded fell 31.5% to N2.0bn.

The top traded stocks by volume were MORISON (44.5m units), UBA (34.1m units) and STERLING(32.1m units) while ZENITH (N541.1m),GUARANTY (N375.1m) and UBA (N209.6m) led by value.

Performance was largely bullish as 4 of 6 indices under our watch trended northward save the AFR-ICT index which traded flat.

Read also: NSE: Investors lose N155.2bn as market begins second half on a bearish note

The Industrial Goods index led gainers, up 1.7%, due to sustained gains in WAPCO (+6.0%) and CCNN (+3.6%).

Similarly, the Insurance and Consumer Goods indices rebounded, rising 0.5% apiece on account of buy interest in WAPIC (+9.3%), UNILEVER(+4.2%) and DANGSUGAR (+2.8%). On the flip side, the Oil & Gas index led laggards, declining 0.7%, due to a loss in MOBIL (-9.7%) while sell-offs in ZENITH (-1.0%) and FBNH (-2.3%) drove the Banking index 0.6% lower.

The top performing stocks were BOCGAS (+9.9%), ACADEMY (+9.7%) and WAPIC (+9.3%) while MORISON (-10.0%),FIDSON (-9.9%) and MOBIL (-9.7%) were the worst performers.

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