Nigeria’s bourse in a free-fall, Investors lose N259.23 billion

The Nigerian bourse opened the week on a negative note as the Nigerian Stock Exchange’s All Share Index sank further by -2.24% to close at 21,700.18 from 22,198.43 points. Investors lost N259.23bn as market capitalization dropped by the same margin to N11.308Trillion, bringing YTD performance to -19.87%.

Market downturn was paired with improved trading performance, as total volumes and values traded on the local bourse appreciated by 22.37% and 12.89% to 464.36million units and N3.86billion respectively, in 5,883 deals.
Market breadth index was negative as DANGSUGAR & NB (-10.00%) led 25 losers, as against 9 gainers topped by NEIMETH (+10.00%).

On the sectoral front, performance across sectors closed bearish, as all major sub-indices under our coverage closed negative.
Sustained depreciation in Tier one banking stocks dragged the banking index by 9.00% on sell-offs in STANBIC (-10.00%), UBA (-10.00%), GUARANTY (-9.95%) & ZENITHBANK(-9.70%), trailed by the Insurance, oil & Gas and Industrial Goods indices shedding -1.47%, -0.83 and -0.79% respectively. Finally, the Consumer Goods index slipped distantly by -0.24%, on price depreciation in NB and DANGSUGAR.

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Top gainers

MAYBAKER up 8.94% to close N1.95 ,at CUSTODIAN up 8.65% to close at N5.65, FLOURMILL up 7.69%to close at N20.80, CAP up 7.69% to close at N21.00 ,VITAFOAM up 2.66% to close at N4.25

Top losers
NB down 10% to close at N27.00, STANBIC down 10% to close at N23.85, GUARANTY down 9.95% to close N16.95, ZENITH down 9.70% to close N10.70, Unilever down 9.87% to close N10.50