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Nigeria: Investors Lose N38 Billion On Equities’ Sluggish Performance

At the close of trade today, the domestic equities market sustained its downward performance from last week as the benchmark index declined 29bps to close at 24,753.92 points due to sell-offs in BUA Cement (-2.3per cent), Stanbic (-8.3per cent) and Dangote Sugar (-7.7per cent).

As a result, market capitalisation declined N38.0bn to settle at N12.9tn, while YTD loss worsened to -7.8 per cent.

Activity level waned as volume and value traded fell 28.6 per cent and 34.4 per cent to 124.7m units and N1.3bn respectively. The most active stocks by volume were Japaul Oil (13.6m units), Guaranty Trust Bank (11.3m units) and Zenith (10.4m units), while GTB (N260.5m), Okomu Oil (N188.4m) and Nestle (N180.4m) led by value.

Across sectors, performance was bearish as four of the six indices under our coverage closed southward.

The industrial goods and insurance indices led laggards, down 1.5 per cent and 0.9 per cent respectively due to sell-offs in BUA Cement (-2.3per cent), Cutix (-9.1 per cent), Law Union (-4.7 per cent) and AIICO (-3.0 per cent).

Similarly, the banking and oil and gas indices declined 0.6 per cent and 0.5 per cent respectively following profit-taking in Stanbic (-8.3 per cent), GTB (-1.7 per cent), Ardova (-5.1 per cent) and Oando (-2.0 per cent).

Conversely, the consumer goods index was the lone gainer, up 2.1 per cent owing to price appreciation in NESTLE (+7.7 per cent). Lastly, the AFR-ICT index closed flat.

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