Nigeria: Investors Lose N162bn As Market Maintains Bearish Trend

The equities market opened the week bearish as the All-Share Index lost 127bps due to sell-offs in BUA Cement (-5.0%), Nestle (-6.6%) and Airtel Africa (-3.5%) to close at 24,109.65 points.

Consequently, market capitalisation declined to ₦12.5tn as investors lost ₦161.7bn, while year to date loss worsened to -10.5%.

Activity level was positive as volume and value traded increased by 33.5% and 90.1% to 189.7m units and ₦2.8bn respectively.

The most active stocks by volume were Guaranty Trust Bank (60.5m units), Access Bank (25.3m units) and UBA (8.8m units) while GTB (₦1.3bn), Nestle (₦374.1m) and Seplat (₦168.9m) led by value.

Investor sentiment as measured by market breadth rose to 0.8x from the 0.3x recorded in the previous session as 14 stocks advanced against the 17 that declined.

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