Market Loses N138bn To Sell-offs In MTN, Others

Trading on the floor of the Nigerian Stock Exchange (NSE) sustained the previous day’s bearish outing as sell-offs in STANBIC (-8.3%), GUARANTY (-2.4%) and MTNN (-0.7%) saw the market shed N138 billion from market capitalization to close at N13.3tn. Consequently, the All Share Index drove southwards by 108bps to settle at 27,352.24 points, with the Year to date (YTD) loss worsening to -13.0 percent.

Activity level advanced as volume and value traded rose 40.6% and 218.1% to 154.0m units and N2.8bn respectively.

The top traded stocks by volume were NB (37.3m units), TRANSCORP (23.1m units) and FBNH (13.3m units) while NB (N2.0bn), GUARANTY (N137.3m), and ZENITH (N121.0m) were the top traded stocks by value. Across sectors, performance was bearish as all six indices closed in the red.

The Banking index lost the most, down 2.4% due to price depreciation in STANBIC (-8.3%), GUARANTY (-2.4%) and ZENITH (-2.1%). Analysts at Afrinvest have maintained a bearish outlook on the equities market in the next trading session as investor sentiment remained weaken.