NSE records loss for second trading session on sustain stocks sell-offs

EQUITIES segment of the Nigerian Stock Exchange, NSE, loss for the second trading session this amidst sustained stocks sell-offs on Tuesday.

The market sustained yesterday’s loss as the NSE All-Share Index fell marginally by 7 basis points (bps) to close at 41,051.63 points.

Meanwhile, the market is noted to slide due to sell-offs in BUACEMENT (-1.1%), ACCESS (-3.7%), and UBA (-2.2%).

As a result, year to date return fell to 1.9% while market capitalisation declined by ₦16.1 billion to settle at ₦21.5 trillion.

Activity level was mixed as volume traded fell 28.9% to 525.0 million units while value traded rose 27.9% to ₦5.3 billion.

The most traded stocks by volume were TRANSCORP (42.9m units), ZENITH (28.5m units), and BUACEMENT (25.7m units).

BUACEMENT (₦2.0 billion), ZENITH (₦746.0 million), and GUARANTY (₦348.8 million) topped by value.

Afrinvest said performance across sectors was mixed as 3 indices lost, 2 gained and one closed flat.

The Insurance index sustained gains, advancing 6.3% due to buying interest in AIICO (+9.9%), NEM (+10.0%) and WAPIC (+10.0%).

Similarly, the Consumer Goods index rose 0.6% following price appreciation in NIGERIAN BREWERIES (+1.7%), FLOURMILL (+3.2%), and PZ (+3.9%).

Conversely, the Banking and Oil & Gas indices fell 0.7% and 0.5% respectively on the back of losses in ACCESS (-3.7%), UBA (-2.2%), ARDOVA (-8.6%) and OANDO (-0.3%).

Profit-taking in BUACEMENT (-1.1%) dragged the Industrial Goods index lower by 0.2% as the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth strengthened to 2.2x from the 1.7x recorded previously as 43 stocks advanced against 20 decliners.

WAPIC (+10.0%), AFROMEDIA (+10.0%) and NEM (+10.0%) were the best-performing tickers.

Meanwhile, ARDOVA (-8.6%), HONYFLOUR (-8.3%) and FTNCOCOA (-8.3%) were the losers.

“Following two consecutive days of losses, we expect investors to take position in bellwethers”, Afrinvest stated.