Daily Trust - Market cap dips N2.0bn on blue chip stocks’ sell-offs

 

Market cap dips N2.0bn on blue chip stocks’ sell-offs

The domestic equities market closed southward as the benchmark index declined 2bps to close at 24,750.06 points due to sell-offs in Dangote Sugar (-9.9percent), Nigerian Breweries (-2.7percent) and ETI (-5.1percent).

As a result, market capitalisation declined N2.0bn to N12.9tn while year to date loss settled at -7.8per cent.

Activity level improved as volume and value traded rose 34.7percent and 17.4percent to 167.9m units and N1.5bn respectively.

The most active stocks by volume were Japaul Oil (25.0m units), FBNH (12.1m units) and Guaranty Trust Bank (11.2m units), while GTB (N253.5m), Dangote Cement  (N251.2m) and MTNN (N153.6m) led by value.

Across sectors, performance was bearish as 4 of the 6 indices under review closed in the red.

Investor sentiment as measured by market breadth was unchanged at 0.4x as 9 stocks advanced against 23 decliners.

The best performing stocks were UAC-PROP (+7.7percent), Transcorp (+2.9percent) and Oando (+2.0percent) while Unity Bank (-10.0per cent), Dangote Sugar (-9.8percent) and Ikeja Hotel (-9.6percent) lost the most.

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Market cap dips N2.0bn on blue chip stocks’ sell-offs

The domestic equities market closed southward as the benchmark index declined 2bps to close at 24,750.06 points due to sell-offs in Dangote Sugar (-9.9percent), Nigerian Breweries (-2.7percent) and ETI (-5.1percent).

As a result, market capitalisation declined N2.0bn to N12.9tn while year to date loss settled at -7.8per cent.

Activity level improved as volume and value traded rose 34.7percent and 17.4percent to 167.9m units and N1.5bn respectively.

The most active stocks by volume were Japaul Oil (25.0m units), FBNH (12.1m units) and Guaranty Trust Bank (11.2m units), while GTB (N253.5m), Dangote Cement  (N251.2m) and MTNN (N153.6m) led by value.

Across sectors, performance was bearish as 4 of the 6 indices under review closed in the red.

Investor sentiment as measured by market breadth was unchanged at 0.4x as 9 stocks advanced against 23 decliners.

The best performing stocks were UAC-PROP (+7.7percent), Transcorp (+2.9percent) and Oando (+2.0percent) while Unity Bank (-10.0per cent), Dangote Sugar (-9.8percent) and Ikeja Hotel (-9.6percent) lost the most.

texem
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