Lagos – The domestic equities market yesterday shed its biggest daily loss in the year as sell-offs drove the All Share Index (ASI) 3.46 per cent lower to 32,292.79 points.
Year-to-Date (YtD) loss dipped to –15.6 per cent while N422.2 billion was wiped off market capitalisation which declined to 11.8 trillion.
Sell-offs in building materials’ Dangote Cement (-5.8%), Stanbic IBTC (-8.9%), Nigerian Breweries (-4.6%) and Access Bank (-8.6%) largely contributed to the day’s bearish performance.
However, activity level strengthened as volume and value traded spiked 63.9 per cent and 334.0 per cent to 246.9 million units and N6.9 billion respectively.
The top traded stocks by volume were Access Bank (46.2m), FBN Holdings (22.6m) and Transnational Corporation (19.7m) while the top traded stocks by value were Dangote Cement (N3.9bn), Nestle Nigeria (N748.0m) and Guaranty Trust Bank (N519.2m).
The Oil and Gas index closed the session as the lone gainer amidst an overwhelming bearish performance. Gains in Seplat Petroleum Development Company (+0.6%) and Forte Oil (+4.4%) drove the index 0.4 per cent higher.
On the flip-side, the Industrial and banking indices fell 3.9 per cent and 2.8 per cent respectively, following sell pressures in Dangote Cement (-5.8%), Cement Company of Northern Nigeria (-9.9%), Stanbic IBTC (-8.9%) and Access Bank (-8.6%).
The Consumer Goods index trailed, as continued sell-offs in Nigerian Breweries (-4.6%) and profit-taking in NESTLE (-0.4%) pulled the index down by 1.6%. Similarly, the Insurance index closed 1.4% lower, on the back of losses in NEM (-3.2%) and AIICO (-6.7%).
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.3x from 0.5x recorded on Tuesday as 10 stocks advanced against 37 stocks that declined.
Out performing stocks were Law Union (+9.1%), Skye Bank (+8.9%) and Jaiz Bank (+6.0%) while Universal Insurance (-10.0%), Cement Company of Northern Nigeria (-9.9%) and Fidelity Bank (-9.6%) led laggards.
The post NSE Records Biggest Daily Loss In 2019, Sheds 3.46% appeared first on Independent Newspapers Nigeria.
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Author: Bamidele Ogunwusi