Stocks maintain bearish outlook as investors lose fresh N49bn

Weak sentiments continue to pervade the domestic bourse, as selloffs of large cap stocks led the market to its fifth consecutive loss, driven by -10 per cent and -3.6 per cent losses in SEPLAT and Nigerian Breweries respectively.

Precisely, the All-Share Index dipped by 0.38 per cent to 24,655.05 points and consequently, the Month-to-Date (MtD)  and Year-to-Date (YtD) losses increased to -2.4 per cent and -8.2 per cent, respectively.

Similarly, market capitalization dipped by N49 billion to close lower at N12.862 trillion from N12.911 trillion is closed the previous session.

The total volume of traded stocks increased by 12.7 per cent to 189.25 million units, valued at NGN1.92 billion and exchanged in 3,364 deals. While FBNH was the most traded stock by volume at 44.45 million units, ZENITHBANK emerged the most traded stock by value at N349.37 million.

On sectoral performances, the Oil & Gas dipped by -4.1 per cent and Consumer Goods by -1.6 per cent while the Insurance and banking indices appreciated by 0.9 per cent and 0.2 per cent respectively.  The Industrial Goods index closed flat.

Market sentiment, as measured by market breadth, was negative as 22 tickers declined, relative to 17 gainers while eight other securities closed on flat prices to en d the mid-week session.

According to trading statistics by the Nigerian Stock Exchange (NSE), stocks of NAHCO and Zenith Bank Plc each gained N0.15 to close at N2.66 and N16.40 per share.

Caverton, Champion and AIICO appreciated in prices by N0.09, N0.07 and N0.06 to close at N1.99, N0.95 and N0.96 per share respectively.

On the flip side, SEPLAT shed the highest value at N42.80 to close at N386 per share, followed by Guinness Plc, which declined by N1.50 to close the day at N15 per share.

Similarly, Nigerian Breweries Plc, Glaxosmithkline and PZ Cuzzon followed suit by losing N1.30, N0.60 and N0.45 to close at N34.70, N5.85 and N4.05 per share respectively.