Equities extend losses by N16bn in trade

Sell-off persisted on the domestic exchange yesterday as market capitalisation declined by N16.1bn to settle at N19.9tn as Year to date (YTD) loss worsened to -5.0%

The All-Share Index declined by 8bps to close at 38,256.76 points following a price decline in Guaranty (-1.2%), Guinness (-0.2%), and FBNH (-1.4%).

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Trading activity improved as volume and value traded increased by 77.3% and 41.8% respectively to 250.2m units and units N1.6bn. The most traded stocks by volume were Courtville (36.9m units), Zenith (28.2m units), and Jaizbank (25.9m units) while Zenith (N649.4m), Guaranty (N206.0m), and UACN (N80.9m) led by value.

Afrinvest, a capital market firm Said: “With CBN’s retaining of all monetary policy parameters at the just concluded MPC meeting, we expect to see some bargain hunting on fundamentally viable stocks in the next trading session.”