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Investors lose N143.4bn as NSE sheds 1.1% amid bearish run

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NSE, Nigerian Stock Exchange, Market capitalisation
Nigerian Stock Exchange

By Peter Egwuatu

Investors in the equities market today (Tuesday) lose over N143 billion as the Nigerian Stock Exchange, NSE All Share Index, ASI dropped by 1.1 percent or 111 bases points, bps to close at 26,384.21 points.

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The bearish run has been attributed to sell-offs in Nestle Nigeria Plc which dropped by (-3.7 percent), MTN Nigeria (-1.7 percent) and Dangote Cement (-1.4 percent). Consequently, Year to Date, YtD performance worsened to -16.1 percent while market capitalisation fell by N143.4billion to N12.7trillion.

Activity level advanced as volume and value traded rose 1.9 percent and 0.1 percent to 196.3 million units and N3.6billion respectively. The most active stocks by volume were Guaranty Trust Bank, GTBank  (49.2million  units), ACCESS (21.0m units) and TRANSCORP (14.1million  units) while Guaranty Trust Bank, GTBank (N1.4billion), Nestle (N622.2million) and Dangote Cement  (N307.0million) led by value.

There was a bloodbath across sectors as all indices lost except the Oil & Gas Index which closed flat. The Consumer Goods Index declined by (-2.0 percent ) following price declines in Nestle (-3.7 percent ) and Unilever (-2.1 percent ).

Sell pressures in MTN Nigeria (-1.7 percent), UBN (-5.7 percent) and FBN Holding (-1.6 percent) dragged the AFR-ICT (-1.0 percent) and Banking (-0.9 percent) indices down. The Industrial Goods (-0.6 percent) and Insurance (-0.3 percent) indices also closed in the red due to losses in Dangote Cement (-1.4 percent), CHI PLC (-5.1 percent) and WAPIC (-2.8 percent).

Investor sentiment as measured by market breadth declined as eight stocks gained relative to 23 decliners.

The top performing stocks were Royal Exchange (+7.4 percent), FCMB (+4.0 percent) and EKO CORP (+3.8 percent) while DAAR Communications (-10.0 percent), ARBICO (-10.0 percent) and Cornerstone Insurance (-8.8 percent) led losers.

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Reacting on the market performance, analysts at Afrinvest Research said: “We expect to see sustained bearish outing in the market. However, opportunities for bargain hunting are eminent.”

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