Sell-offs continue as stocks lose N164.3bn | Dailytrust

Sell-offs continue as stocks lose N164.3bn

The market continued on a downtrend, on Tuesday, as market capitalisation fell by N164.3 billion to settle at N22 trillion as a result of sell-offs in WAPCO (-6.7 per cent), Zenith (-3.1%), and Guaranty (-2.2%).

The All-share Index also went down by 74 basis points (bps) to 42,043.79 points while the Year to date return declined to 4.4%.

Activity level waned as volume and value traded declined 5.3% and 20.6% respectively to 586.8 million units and ₦N.8bn.

The most traded stocks by volume were UBN (79.5m units), Transcorp (52.7m units) and FBNH (49.5m units) while Zenith (N1.0bn), UBN (N457.3m) and Seplat (N453.0m) led by value.

Performance across sectors under review was bearish as all indicators declined save the AFR-ICT index that inched marginally higher by 1bp.

The Banking and Insurance indices lost the most, down 3.1% and 2.3% respectively due to price declines in Zenith (-3.1%), Guaranty (-2.2%) and AIICO (-5.9%).

Similarly, sell-offs in Dangote Sugar (-3.2%) and Flourmill (-1.8%) drove the Consumer Goods index lower by 0.9%.

The Industrial Goods and Oil & Gas indices lost 0.5% apiece following price weakness in Wapco (-6.7%) and ARDOVA (-10.0%).