Stock market loses N39bn as week begins

At the close of trade on the floor of the Nigerian Stock Exchange, the equities market lost N39.6 billion with the market capitalisation reducing by the figure to ₦21.5 trillion.

The NSE All-Share Index declined 23 basis points (bps) to close at 41,082.38 points following profit-taking in Flour Mill (-5.5 per cent), FBNH (-3.9per cent) and Dangote Cement (-1.0 per cent ).

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As a result, the year to date return fell to two per cent while activity level was mixed as volume traded rose 10.8percent to 738.5 million units while value traded fell 34.8percent to ₦4.2bn.

The most traded stocks by volume were Univinsure (51.8m units), Transcorp (43.1m units) and FBNH (39.8m units) while Zenith (₦820.1m), Guaranty (₦422.0m) and Access (₦303.0m) topped by value.

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

Investor sentiment as measured by market breadth weakened to 1.7x from the 3.4x recorded previously as 35 stocks advanced against 21 decliners.

An analyst at Afrinvest commented thus: “In the next trading session, we expect to see investors take profit. However, we are optimistic that the market will close on a positive note this week.”