Sell pressure in the equities market dominated at the start of the week as investors counted losses totalling N27.6bn at the end of trading on the floor of the Nigerian Stock Exchange on Monday. The market capitalisation of equities listed on the NSE dropped from N13.207tn to N13.179tn as the All Share Index shed 0.21 per cent to settle at 27,089.84 basis points.
The year-to-date loss worsened to -13.8 per cent, dragged by major losses in large cap stocks such as Nestlé Nigeria Plc, Stanbic IBTC Holdings Plc and Access Bank Plc. Activity level weakened as volume and value traded fell by 6.7 per cent and 33.3 per cent to 290.491 million units and N4.294bn, respectively. Guaranty Trust Bank Plc (128.5 million units), FBN Holdings Plc (41.8 million units) and Transnational Corporation of Nigeria Plc (32.9 million units) were the top traded stocks by volume while GTB (N3.4bn), FBN Holdings (N183.5m) and Access Bank Plc (N162.7m) were the top traded stocks by value.
Performance across sectors was mixed as three sectors recorded positive performances. The oil and gas index led gainers, up by 2.7 per cent following bargain hunting in Seplat Petroleum Development Company Plc and Eterna Plc. The banking index trailed, rising by 0.5 per cent due to gains in FBN Holdings and GTB. Investors showed buying interests in MTN Nigeria Communications Plc, which pushed the AFR-ICT index up by 0.02 per cent, On the flip side, the consumer goods index led losers, down by 2.9 per cent as investors sold off shares in Nestlé Nigeria and Dangote Sugar Refinery Plc. Losses in Lasaco Assurance Plc and Wapic Insurance Plc drove the insurance lower by 0.3 per cent.
The industrial goods index recorded a decline of 0.02 per cent. Investor sentiment, as measured by market breadth (advance/decline ratio), strengthened to 1.1x from 0.9x posted last Friday as 15 stocks advanced against 14 stocks that declined. Top performers were UACN Property Development Company Plc, UACN Plc, John Holt Plc, Seplat Petroleum and FBN Holdings with respective gains of 9.09 per cent, 9.09 per cent, 8.93 per cent, 7.12 per cent and 6.90 per cent in their share prices. Livestock Feeds Plc, Lasaco Assurance, Cutix Plc, NPF Microfinance Bank Plc and Nestlé Nigeria emerged the top five losers as they saw their share prices decline by 7.14 per cent, 6.90 per cent, 6.67 per cent, 6.45 per cent and 5.73 per cent, respectively.