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Investors lost N185.7bn w/w on sell-offs in equities

Investors lost N185.7bn w/w on sell-offs in equities

The equities market remained largely bearish last week with investors losing N185.7 billion week-on-week at the close of trading on Friday and market capitalisation dipping to N12.95trn. Consequently, the benchmark index (All Share Index) dropped 1.4per cent to close at 24,826.75 points, thus worsening the year-to-date (YTD) returns to -7.5per cent.
Activity level waned as average volume and value traded fell 23.9 percent and 18.0 percent respectively to 210.0m units and N2.0bn. In terms of volume, Guaranty Trust Bank (115.8munits), FBNH (97.4m units) and FCMB (95.6m units) led the chart, while GTB (N2.7bn), Zenith Bank (N1.0bn) and MTNN (N907.3m) led by value.
Performance across sectors was bearish as 4 of the 6 indices under review declined week on week. The Industrial (+2.2per cent) and consumer goods (+1.8per cent) indices were the gainers, driven by price appreciation in BUA Cement (+6.0per cent), Honeyflour (+17.4per cent) and Nestle (+10.0per cent). On the flip side, the oil & gas index (-4.9percent) led the laggards due to losses in Seplat (-10.0percent) and Japaul Oil (-8.0percent).
Similarly, the banking (-3.1per cent) and insurance indices (-3.1percent) trailed on the back of price depreciation in Sterling Bank(-11.1percent), ETI (-8.3percent), Prestige (-18.6percent) and AIICO (-15.3percent). Price declines in MTNN (-1.6percent) and TRIPPLEG (-8.6percent) pushed the AFR-ICT index (-0.9percent) lower. Investor sentiment as measured by market breadth declined to 0.3x from 1.1x recorded the previous week as 13 tickers gained against 45 that declined. Honeyflour (+17.4per cent), Nestle (+10.0per cent) and Cutix (+10.0per cent) led the gainers, while Neimeth (-40.1percent), NPRMCRFBK (-25.1per cent) and Prestige (-18.6per cent) led the decliners.
Analysts at Afrinvest said: “Although we are not optimistic of a rebound in market performance in the coming week due to poor investor sentiment, current stock prices are attractive for bargain hunting in the different FX segments.”

Source: https://www.dailytrust.com.ng/investors-lost-n185-7bn-w-w-on-sell-offs-in-equities.html