Stock market losses continued on Friday, hitting N2.83 trillion decline
- The Nigerian stock market losses extended its bearish run this week, as the NGX All Share Index (ASI) declined in all trading sessions, shedding by 2.99% w/w to close at 149,524.81 points. Consequently, the year-to-date (YTD) return moderated to 45.27% from 49.74% in the preceding week, while the market capitalization fell by N2.83trn w/w, to settle at N95.00trn.
- The bearish sentiment was driven by sustained sell pressure in large-cap counters such as MTNN (-8.29% w/w), GTCO (-5.03% w/w), TRANSCORP (-12.00% w/w), and ZENITHBANK (-4.76% w/w), compounded by losses in mid-cap stocks including WAPCO (-6.43% w/w), NESTLE (-9.66% w/w), and OANDO (-16.75% w/w).
- Sectoral performance was broadly negative, with all major index closing in the red. The Insurance Index (-7.56% w/w) led the decliners, followed by the Oil & Gas (-4.80% w/w), Banking (-3.85% w/w), Consumer Goods (-2.54% w/w) and Industrial Goods (-1.09% w/w) indices.
- In today’s session, the market also closed lower, with the NGX ASI and market capitalisation declined by 0.33%. Market activity was notably down, with transaction volume and value lower by 14.92% and 6.79%, respectively. WEMABANK (-2.08%) led the trading activity, with 90.88bn units traded valued at N1.71bn worth of trades.
- Market breadth closed negative 0.53x, reflecting more decliners than gainers. NCR (+9.94%) led the twenty-one (21) gainers, while BERGER (-10.00%) topped the forty (40) laggards, with other stocks closing flat.
NASD Summary
- The NASD closed the week on positive note, as the NASD OTC Securities Index (NSI) and market capitalisation gained 0.98% w/w, to close at 2,661.07 points and N2.19trn, respectively.
- The market similarly closed higher in today’s session, rising by 0.07%. However, market activity was down, with transaction volume and value declining by 10.60% and 66.27%, respectively.
- SDAFRILAND (+7.33%) led the market gainers, while SDCSCSPLC (-0.38%) led the laggards’ log.
