By Peter Egwuatu
The equities investors on the Nigerian Stock Exchange, NSE have lost over N295 billion for the two consecutive trading days following negative sentiment as market capitalisation which represents the total value of shares on the Exchange declined to N14.9 trillion from N15.2 trillion on Monday.
Consequently, Year to Date, YtD return slipped to 8.3 percent. Also, another stock market gauge, the NSE All Share Index declined by 571.08 points to close at 29,062.50 points from 29.633.58 points on Monday.
Analysis of the two days trading show that investors lost over N181 billion or 1.2 percent and N114 billion or 0.8 percent on Tuesday and Wednesday respectively.
Similarly, the All Share Index declined by 350.43 points or 1.2 percent and 220.65 points or 0.8 percent on Tuesday and Wednesday respectively.
The All Share Index which shed 0.8 percent Wednesday to 29,062.50 points was due to sell-offs in MTN Nigeria which dropped by -3.0 percent , ETI -7.7 percent and Access Bank -2.9 percent.
Meanwhile, activity level dipped as volume and value traded pared 46.0 percent and 56.5 percent to 360.1million units and N2.8billion respectively. The top traded stocks by volume were MORISON Industries (126.8million units), Access Bank (52.5million units) and UBA (32.0million units) while Zenith Bank (N74.0million), Access Bank (N536.6million ) and BUA CEMENT (N444.2million) led by value.
The bearish trend was recorded by other sectoral indices, except the Insurance Index which gained 0.3 percent due to buying interest in CHI Plc 2.6 percent.
Price declines in MTN Nigeria -3.0 percent and MEYER Plc -8.0 percent pulled the AFR-ICT and Industrial Goods Indices down 1.7 percent and 1.3 percent respectively.
Similarly, the Banking and Consumer Goods Indices pared 0.2 percent apiece following losses in ETI (-7.7 percent), Dangote Sugar -2.0 percent and International Breweries -1.1 percent. Also, the Oil & Gas Index shed 0.1 percent as investors sold-off OANDO which dropped by -4.0 percent .
Meanwhile, Investor sentiment as measured by market breadth showed that 11 stocks gained relative to 17 losers. The top gainers were BETA GLASS +10.0 percent , Cornerstone Insurance 9.4 percent and GLAXO SMITHKLINE 7.1 percent while LIVESTOCK declined by -9.1 percent , Sovereign Insurance -9.1 percent and MEYER -8.0 percent were the top losers.
Reacting analysts at Afrinvest Research said: “Although today’s Wednesday) performance was negative, we expect a better performance in successive sessions due to bargain hunting.”