Bears sustain hold on market, investors lose N15.5bn w/w

The bearish run in the local bourse of the Nigerian Stock Exchange (NSE) persisted last week as gains on Tuesday (+30bps), Wednesday (+75bps) and Friday (+13bps) were insufficient to lift the market following the losses on Monday (-1.3 per cent) and Thursday (-1bps).

The price decline in Nestlé (-6.5 per cent), BUA Cement (-2.5 per cent) and Dangote Sugar AR (-0.9 per cent) drove the Benchmark index South by 12bps to 24,306.36 points.

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Accordingly, market capitalisation fell to N12.7tn as investors lost N15.5bn, while year-to-date loss worsened to -9.4 per cent.

Activity level varied as average volume declined 6.3 per cent to180.3m units, while average value traded advanced 46.5 per cent to N2.7bn.