Stock Exchange resumes bear run

Investors’ sentiment was positive for most of yesterday’s trading even as late sell-offs on MTNN led to negative market return of 0.21 per cent to 27,058.62 points. 

Consequently, the Month-to-Date and Year -to-Date losses worsened to -2.38 and -13.91 per cent respectively, while market capitalisation fell by N28 billion to N13.2 trillion.

Similarly, activity level declined as volume and value traded fell by 16.4 and 22.4 percentages respectively to 209.6 million units and N3.2 billion.

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The most active stocks by volume were TRANSCORP (43.6 million units), GT Bank (43 million units) and Zenith Bank (34.1 million units) while GT Bank (N1.1 billion) , Zenith Bank (N592 million)and Nestle (N526.9 million) led by value.

Gains were evident across all sectors, as the Banking (+1.88 per cent), Oil & Gas (+0.99 per cent), Insurance (+0.59 per cent), Industrial Goods (+0.56 per cent) and Consumer Goods (+0.22 per cent) indices closed positive.

Market sentiment, as measured by market breadth, was positive as 20 stocks recorded gains relative to 13 losers.

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On the gainers list, Oando Plc (+10 per cent) and TRANSCORP (+10 per cent) recorded the largest gains, while CUTIX (-9.62 per cent) and PZ (- 8.33 per cent) recorded the largest decline.

Reacting, Analysts at Afrinvest said: “We maintain our bearish stance for the equities market as investor sentiment remains weak.”

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