Sell-offs cost investors N12bn loss in equities market

Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Tuesday, April 2, 2019. The International Monetary Fund said Nigerias economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates. Photographer: Ruth McDowell/Bloomberg via Getty Images

The equities market continues on the negative as the All-Share index lost 9bps to close at 24,930.88 points due to price declines in MTN Nigeria (-0.9percent), Flourmill (-6.7percent) and FBNH (-1.9percent).

As a result, market capitalisation fell ₦12.2bn to settle at ₦13.0tn while year to date loss worsened to -7.1percent.

Activity level weakened as volume and value traded declined 15.7percent and 1.5percent respectively to 200.4m units and ₦1.6bn.

The most active stocks by volume were FBNH (26.9m units), Zenith (22.6m units) and FCMB (21.3m units) while Zenith (₦368.5m), Guaranty Trust Bank (₦272.0m) and MTNN (₦170.9m) led the value chart.

. Performance across sectors was bearish as only the Industrial Goods index (+1.0per cent) appreciated as a result of gains in BUA Cement (+1.6per cent).

The Insurance (-2.1percent) and Oil & Gas (-0.6percent) indices led the laggards due to price weakness in AIICO (-9.4per cent), Prestige (-9.5per cent), Oando (-2.8percent) and Ardova (-4.5percent).

The AFR-ICT (-0.5percent) and Consumer Goods (-0.2percent) indices also declined, following price declines in MTNN (-0.9percent) and Flourmill (-6.7percent). Lastly, the Banking index (-0.1percent) declined on the back of losses in Zenith (-0.6percent) and Fidelity (-1.1percent).

Investor sentiment as measured by market breadth declined to 0.5x from the 0.6x recorded in the previous session as 12 stocks advanced against 22 decliners.

The best performing stocks were Fidson (+10.0per cent), Caverton (+7.4per cent) and Honeyflour (+6.9per cent) while Neimeth (-9.9per cent), Prestige (-9.5per cent) and C & I Leasing (-9.4per cent) lost the most.

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