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Market loses N122bn after stocks sell off

The equities market closed in the red following sell-offs in WAPCO (-7.1 per cent), Nestle (-6.9 per cent) and Flourmill (-6.4 per cent) on Tuesday.…

The equities market closed in the red following sell-offs in WAPCO (-7.1 per cent), Nestle (-6.9 per cent) and Flourmill (-6.4 per cent) on Tuesday.

As a result, market capitalisation declined by N122.4 billion to close at N20.8 trillion.  The All Share Index (ASI) fell 59 basis points (bps) to 39,697.62 points while the return worsened to -1.4%.

Trading activity varied as volume declined by 59.1% to 222.6 million units and value rose 185.5% to N5.4bn.

The most traded stocks by volume were Zenith (48.1m units), UCAP (20.2m units) and Mbenefit (19.4m units) while Nestle (N2.7bn), Zenith (N1.2bn) and Guaranty (N240.7m) led by value. Performance across sectors was poor as four of the six indices under review closed southward.

Investor sentiment as measured by market breadth increased to 0.7x from the 0.4x recorded previously as 17 stocks advanced against 24 decliners.

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