Sell-Off Persists as Stock Market Dips Further by 87 Points


The Nigeria stock market closed the last trading day of the week on a negative note, sustaining the bearish sentiment to three consecutive trading sessions as the market index dipped further by 87 points.

The decline follows the sell-off in all of the market sectors. Consequently, the market index (All-Share Index) decreased by 86.70 basis points, representing a decline of 0.20 percent to close at 43,199.27.

While the Market Capitalization lost ₦45.25Bn, representing a decrease of 0.20 percent to close at ₦22.54 trillion.

→ However, the market activities were mixed as the Total Volume traded plunged by 5.24 percent while the Total Value surged by 24.93 percent.

A total of 199.52 million units valued at ₦3.26 billion were transacted in 3,917 Deals.

GTCO topped the traded stocks in terms of volume, accounting for 25.02 percent of the total volume of trades, trailed by FBNH (9.23%), ACCESS (8.76%), NB (3.84%), and FIDELITYBK (3.79%) to complete the top five on the volume chart.

Also, GTCO emerged as the most traded stock in value terms, with 38.84 percent of the total value of trades on the exchange.

→ UNITYBNK emerged as the most profitable stocks for the day, topping the gainers’ list with a price appreciation of 10.00 percent, trailed by VITAFOAM (4.78%), CHAMS (4.76%), JAPAULGOLD (2.50%), UACN (1,90%), AFRIPRUD (0.79%), FBNH (0.43%), AIRTELAFRI (0.22%) and sic (6) others.

On the other hand, 23 stocks remain depreciated in price led by ETERNA with price depreciation of 9.03 percent to close at ₦6.65, as NGXGROUP (-8.68%), NB (-2.86%), GTCO (-2.68%), FLOURMILL (-1.85%), UBA (-1.20%), ACCESS (-1.10%), NEM (-1.04%), ZENITHBANK (-0.83%), PZ (-0.83%) and FIDSON (-0.80%) also dipped in price.

As a result, the market breadth closed largely negative, recording 14 gainers and 23 losers.

→ Correspondingly, the sector performance was negative, as all the five major sectors dipped, led by Banking (-0.79%), Insurance (-0.66%), Consumer Goods (-0.57%), Oil & Gas (-0.23%) and Industrial Goods (-0.01%), respectively.