Lagos – Losses in market bellwethers – Dangote Cement (-0.6%), Zenith Bank (-2.5%) and Access Bank (-6.6%) – dragged the All Share Index down 0.31 per cent to 31,042.32 points, reverting its positive close at the previous trading session.
As a result, investors lost N36.2 billion in value as market capitalisation fell to N11.6 trillion while year-to-date (YTD) return worsened to -1.2 per cent.
However, activity level was mixed as volume traded fell 26.9 per cent to 168.6 million units while value traded rose 43.4 per cent to N3.8 billion.
The top traded stocks by volume were Guaranty Trust Bank with 47.0 million units, Zenith Bank with 28.6 million units and Access Bank with 18.5 million units while Guaranty Trust Bank at N1.8 billion, Zenith Bank at N627.6 million and Nestle Nigeria N262.2 million led the top trades by value.
Across sector, performance was largely bearish as all indices under our coverage closed in the red. The Industrial Goods index led the decliners, down 1.6 per cent following price depreciation in Dangote Cement (-0.6%) and Cement Company of Northern Nigeria (-4.3%) while the Insurance index trailed, sliding 1.0% due to sell offs in NEM (-5.6%) and LASACO (-3.1%).
In the same vein, profit taking in Zenith Bank (-2.5%), Access Bank (-6.6%) and Fidelity Bank (-5.1%) dragged the Banking index by -0.8 per cent.
The Oil & Gas index extended its bearish run for the fourth consecutive trading session, declining 0.7 per cent on the back of losses in Oando (-3.5%) and Mobil Nigeria (-1.8%). Finally, sell pressures in National Salt Company of Nigeria (-5.0%), Dangote Flour Mills (-4.3%) and Nestle Nigeria (-0.1%) trimmed the Consumer Goods index by -0.2 per cent.
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.6x from 1.0x recorded the previous week as 12 stocks advanced relative to 19 stocks that declined.
Top outperforming stocks were Redstar Express (+10.0%), University Press (+8.1%) and Stanbic IBTC (+6.6%) while Academy Press (-8.3%), Access Bank (-6.6%) and NEM Insurance (-5.6%) led laggards.