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Equities market halt bullish streak, investors lose N50bn

Equities market halt bullish streak, investors lose N50bn

The equities market erased Wednesday’s gains as the All-Share Index declined 38bps to close at 25,312.05 points due to profit-taking in MTNN (-1.7%), Guaranty Trust Bank (-2.0%) and Zenith bank (-1.8%). Consequently, investors lost N50.1bn as market capitalisation settled at N13.3tn while year to date  loss worsened to -5.7%.
Activity level weakened as volume and value traded fell 23.5% and 24.7% to 270.2m units and N5.3bn respectively. The most active stocks by volume were FBNH (41.4m units), Zenith (25.2m units), and FCMB (22.1m units), while Dangote Cement (N2.6bn), MTNN (N1.0bn) and GTB (N465.3m) led by value.
Performance across sectors under coverage was bearish as 4 indices declined relative to 2 gainers. The Banking (-2.1%) and AFR-ICT (-1.0%) indices lost the most, following profit-taking in GTB (-2.0%), Zenith (-1.8%) and MTNN (-1.7%) respectively. Likewise, sell pressures in Oando (-3.6%) and LASACO (-7.4%) dragged the Oil & Gas (-0.6%) and Insurance (-0.4%) indices lower.
On the flip side, price appreciation in Dangote Sugar (+6.8%) and Dangote Cement (+1.0%) buoyed gains in the Consumer (+0.9%) and Industrial Goods (0.2%) indices respectively. Investor sentiments as measured by market breadth was unchanged at 0.9x recorded in the previous trading session as 15 stocks gained relative to 17 losers. The top gainers were UAC-PROP (+10.0%), Link Assurance (+9.8%) and Neimeth (+9.5%) while Cutix (-9.6%), Lasaco (-7.4%) and Custodian (-7.1%) led the laggards.

sourcre: https://www.dailytrust.com.ng/equities-market-halt-bullish-streak-investors-lose-n50bn.html