Stock investors saw N44.296 billion wiped out of their portfolio on Tuesday as the Nigerian Bourse closed bearish for the second consecutive day, with the market capitalization dropping to N13.302 trillion.
The loss was due to sell-offs in GUARANTY, ZENITHBANK, UBN, GUINNESS ACCESS among others despite a slight gain (0.76%) in MTNN.
The All Share Index declined by 0.33% to close at 25,497.32 on Tuesday with the Banking Index shedding 3.42%.
YTD loss rose to 5.01%.
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Activity level
The market activity was relatively stable on Tuesday with the volume (-1%) and value (+2%) of traded shares at 251.964 million and N2.044 billion respectively.
The top three traded equities by volume are:
- CUSTODIAN – 40.134mn shares valued at N192.654mn in 67 deals
- FBNH – 28.242mn shares worth N141.539mn in 253 deals
- ZENITHBANK – 26.045mn shares worth N444.979mn in 476 deals
The top three traded equities by value are ZENITHBANK, GUARANTY, and CUSTODIAN.
Performance of Indices
Four out the five indices under our watch closed in green except the Banking Index.
The Banking Index was down by 3.42% to close at 289.72, a second consecutive day of decline.
The Insurance Index rose for the fourth straight trading session in a row. The index gained 0.26% to close at 136.29.
Consumer Goods index rose by 0.43% to close at 433.65
The Industrial Goods Index gained 0.01% to close at 1,24.62, third straight gains while the Oil and Gas Index rose by 0.19%.
Investor sentiment
Investor sentiment as measured by market breadth (gain/loss ratio) was weak on Tuesday at 0.53x as only 10 stocks advanced with 19 declining.
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The top five gainers by percentage and closing prices are;
- HONYFLOUR rose by 4.44% to close at N0.94
- TRANSCORP rose by 3.45% to close at N0.60
- WAPIC rose by 3.03% to close at N0.34
- CAP rose by 2.65% to close at N17.45
- NB rose by 2.50% to close at N41.00
The top five decliners by percentage are;
- ARBICO lost 9.65% to close at N1.03
- ROYALEX lost 9.09% to close at N0.30
- GUARANTY lost 6.18% to close at N24.30
- JAPAUOIL lost 4.76% to close at N0.20
- UBN lost 3.92% to close at N4.90
Analyst’s view
We expect profit taking and bargain hunting to drive the market performance in the coming week, with a mixed activity level.
Written by;
Ifunanya Ikueze
