Bears remain resolute as stock market sheds N202.4bn

Bears continue to dominate the Nigerian stock market with investor losing N202.4 billion last week to close at N20.8 trillion. The result is that the All Share Index (ASI) fell 1.0 per cent to 39,799.89 points. The Year-to-Date (YtD) declined 1.2 per cent.

Activity level improved as average volume and value traded rose 25.3 per cent

and 13.3 per cent to 386.0 million units and N4.1 billion respectively.

The most traded stocks by volume were ZENITH (253.6 million units), FBNH (163.3 million units) and TRANSCORP (125.2 million units) while ZENITH (N6.6 billion), GUARANTY (N3.3 billion) and FBNH (N1.2 billion) led by value.

Performance across sectors was lacklustre as four of six indices declined w/w. Leading the gainers are the Oil & Gas and Banking indices, up 1.0 per cent and 0.7 per cent week-on-week ( w/w) respectively as OANDO (+12.4 per cent), STANBIC (+3.4 per cent) and ZENITH (+3.0 per cent) ticked higher.

On the other hand, the Insurance and Consumer Goods indices lost the most, down 4.9 per cent and 3.2 per cent w/w respectively due to price declines in LASACO (-26.8 per cent), MANSARD (-10.2 per cent), CHAMPION (-15.2 per cent) and NIGERIAN BREWERIES (-11.9 per cent). Similarly, the AFR-ICT and Industrial Goods indices recorded losses of 1.7 per cent and 0.5 per cent w/w respectively due to sell-offs in MTNN (-3.3 per cent) and WAPCO (-7.6 per cent).

The developed markets under recorded a negative performance as all indices closed southward. The US S&P 500 and NASDAQ indices lost 1.per cent and 5.2 per cent w/w respectively as the benchmark US Treasury yield spiked to a one-year high and investors’ focus shifted from equities. In the Europe, UK’s FTSE All-Share, France’s CAC 40 and Germany’s XETRA DAX indices fell 1.0 per cent, 0.9 per cent and 1.1 per cent w/w respectively. Likewise, Hong Kong’s Hang Seng and Japan’s Nikkei 225 indices dipped 5.4 per cent and 3.5 per cent w/w respectively.

Leave a Reply