Nigerian stock market depleted further on Thursday September 5, 2019 as more investors placed equities for sale without corresponding demand. As prices of many value stocks dropped, investors booked about N33billion as cumulative loss.
Worst hit are equities like Lafarge Africa Plc, MTNN Plc, Dangote Sugar Refinery Plc, PZ Cussons Nigeria Plc, and Custodian Investment Plc.
Some of the stocks valuations and technical analysis, analysts noted show that price levels remain attractive for medium and long term investors.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.25percent, while the Year-to-Date (YtD) return stood at -13.29percent. At the sound of closing gong, 13 stocks gained as against 17 losers. Lafarge recorded the biggest loss, N14.95 to N14.5, losing 45kobo or 3.01percent, MTNN followed from N138.5 to N138.05, after losing 45kobo or 0.32percent, while Dangote Sugar dipped from N8.8 to N8.5, down by 30kobo or 3.41percent. On the gainers table, Okomu Oil Palm Plc advanced most from N41.6 to N44.15, adding N2.55 or 6.13percent; Cadbury rallied from N9.3 to N9.9, after adding 60kobo or 6.45percent, while UACN increased from N5 to N5.5, up 50kobo or 10percent.
Amid negative market breadth and waning market activity, market watchers expect Index to extend its bearish trend to the last trading day of the week, with corresponding negative week-on-week (WoW) performance.
The All Share Index closed lower at 27,252.09 points as against the preceding day close of 27,319.64 points while Market Capitalisation declined to N13.258 trillion as against preceding day close of N13.291 trillion.
The volume of stocks traded decreased by 46.76percent, from 250.45million to 133.34million, while the total value of stocks traded decreased by 24.80percent, from N3.191 billion to N2.399 billion in 2,561 deals. GTBank, FBN Holdings, Guinness, Zenith Bank, and Transcorp were actively traded stocks.
The Financial Services sector led Thursday’s activity chart with 87.33million shares traded for N1.23billion, followed by Consumer Goods with 17.36million shares traded for N499million.
