The local bourse extended the previous day’s losses, due to sell pressure on AIRTELAF (-10.0%), BUACEMENT (-2.7%) and FBNH (-2.1%) as the All-Share Index fell 1.8% to 37,847.07 points. Consequently, YTD loss worsened to -6.0% while market capitalisation declined by ₦363.9bn to ₦19.7tn. Trading activity strengthened as volume and value traded rose by 4.3% and 54.6% respectively to 218.3m units and ₦2.7bn. The most traded stocks by volume were TRANSCORP (42.4m units), VITAFOAM (20.1m units), and DANGSUGAR (17.6m units) while MTNN (₦333.8m), DANGSUGAR (₦312.1m), and VITAFOAM (₦271.6m) led by value..
Performance across the sectors was bearish as 4 indices lost and 2 gained. The AFR-ICT and Industrial Goods indices led laggards, down 4.6% and 1.1% respectively on the back of sell-offs in AIRTELAF (-10.0%) and BUACEMENT (-2.7%). Similarly, the Insurance and Banking indices declined by 0.4% and 7bps respectively following price depreciation in MBENEFIT (-7.3%), FBNH (-2.1%) and ZENITH (-0.4%). Conversely, the Oil & Gas and Consumer Goods indices inched higher by 5bps and 2bps respectively due to buying interest in OANDO (+0.7%) and VITAFOAM (+9.7%).
Investors sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.8x from 1.1x recorded in the last trading session as 18 stocks advanced while 23 stocks declined. FIDSON (+10.0%), VITAFOAM (+9.7%), and REDSTAREX (+9.6%) led gainers while AIRTELAF (-10.0%), MBENEFIT (-7.3%), and CORNERST (-7.3%) led decliners. In the next trading session, we anticipate a positive performance on the domestic bourse driven by bargain hunting activities.