Bearish Sentiment Persists Amidst Sell-Off in 25 Stocks

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Bearish sentiment in the Nigeria equity market persisted after the market resumed from the Eid-el-Kabir Holidays amidst investors sell-off in 25 listed stocks. The All-Share Index tanked 167.16 points, representing a 0.32 percent decline, and closed at 51,390.25. While the Market Capitalization lost ₦90.14Bn to decrease by 0.32 percent and closed at ₦27.71 trillion.

→ Meanwhile, the market activities were bullish, as the Total Volume and Value rose by 72.69 percent and 22.64 percent, respectively. About 198.82 million units valued at ₦2.18 billion were transacted in 4,769 Deals. GTCO emerged as the most traded stock in terms of volume, accounting for 26.10 percent of the total volume of trades, followed closely by JAPAULGOLD (11.02%), UBA (9.88%), JAIZBANK (6.31%), and INTBREW (4.56%) to complete the top five on the volume chart. Also, GTCO emerged as the most traded stock in value terms, with 48.66 percent of the total value of trades on the exchange.

→ On the profitability chart, CWG topped the advancers’ list with a price appreciation of 10.00 percent, trailed closely by ACADEMY (9.52%), INBREW (7.41%), ZENITHBANK (2.05%), NEIMETH (1.84%), FBNH (0.94%), UCAP (0.40%) and four (4) others. On the contrary, twenty-five (25) stocks also depreciated, topped by MULTIVERSE with a price depreciation of 10.00 percent, to close at ₦1.89, as FCMB (-5.31%), JAPAULGOLD (-3.70%), ACCESSCORP (-2.11%), TRANSCORP (-0.81%), UBA (-0.66%), ETERNA (-0.29%), NGXGROUP (-0.23%) and OANDO (-0.18%) also dipped in price. In that regard, the market breadth closed negatively, recording 11 gainers and 25 losers.

→ Conclusively, sectoral performance was bearish as three of the five sectors closed negatively compared to the previous session, led by Insurance (-2.96%), Oil & Gas (-0.04%), and Industrial Goods (-0.01%), while the Consumer Goods and Banking sectors grew by 0.31% and 0.05%, respectively.