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Market reverses returns-yielding trend, investors lose N62.6bn

Market reverses returns-yielding trend, investors lose N62.6bn

Today, trading in the domestic equities market closed south as price depreciation in BUA Cement (-3.9percent), UACN (-9.1percent) and Zenith (-1.2percent) dragged the All-Share Index by 47bps to close at 25,215.04 points. As a result, market capitalisation fell N62.6bn to settle at N13.2tn while year to date loss worsened to -6.1percent.
Activity level was mixed as volume traded decreased 0.8percent to 266.6m units, while value traded spiked 183.9percent to N3.2bn. The most active stocks by volume were Guaranty Trust Bank (69.4m units), Mbenefit (51.8m units) and FBNH (31.2m units) while GTB (N1.7bn), Zenith (N274.5m) and Dangote Cement (N235.5m) led the value chart.
Sector performance was bearish as 3 of 6 indices under review declined. The Industrial and Consumer Goods indices led the laggards, shedding 2.5percent and 0.3percent respectively due to profit-taking in BUA Cement (-3.9percent) and Dangote Sugar (-1.0percent). The Banking index trailed, losing 0.1percent following price declines in Zenith (-1.8percent) and Stanbic (-0.6percent). Conversely, the Insurance and Oil & Gas indices appreciated 1.4percent and 0.2percent respectively, due to gains in Cornerstone (+8.0percent), CHIPLC (+6.5percent) and Oando (+1.8percent). Lastly, the AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) expanded to 1.0x from the 0.6x recorded in the previous session as 19 stocks advanced against 19 decliners. The best performing stocks were Prestige (+10.0percent), Julius Berger (+10.0percent) and Neimeth (+9.9percent) while CI leasing (-10.0percent), UACN (-9.1percent) and Japaul Oil (-8.0percent) lost the most. On the side of corporate actions, MTN Nigeria Communications Plc announced the successful issuance of the N100 billion Series I & II Notes under the debut N100 billion commercial paper (CP) programme. The series 180-day and 270-day notes were priced at an effective yield of 4.90percent and 5.95percent sized at N20.0bn and N80.0bn respectively. Similarly, UACN Plc announced a full-year dividend of 10kobo per ordinary share, subject to appropriate withholding tax.

Sourcee: https://www.dailytrust.com.ng/market-reverses-returns-yielding-trend-investors-lose-n62-6bn.html