NSE Market Capitalisation dropped by ₦40.7 billion over sell-offs

THERE was sustained sell-offs in the equities segment of the local bourse on Monday which then reduced market capitalisation by ₦40.7 billion.

Following a bearish trend last week, the Nigerian Stock Exchange again opened the trading week on a negative note.

The NSE All Share Index further shed 19 basis points to close at 28,415.31 points on Monday.

Now, year to date return has moderated to 5.86% while market capitalisation closed at N14.812 trillion.

Chapel Hill Denham believes yesterday’s performance was driven by sustained profit taking on some market counters.

This came despite the largely attractive fundamentals of the benchmark index.

At the end of trading, Eterna Plc share price rose +3.99% to N9.92, Union Diagnostics jerked up 8.33% to N0.26 and Transcorp Plc spiked 4.84% to N0.65 – as the best performing stocks.

However, the loser’s table was led by International Breweries Plc whose share price dropped 9.11% to N4.29, AXA Mansard Plc declined 5.67% to N1.83, and Flourmills of Nigeria Plc lost 4.55% to N21.00.

Performance across Chapel Hill Denham’s coverage NSE sectors was broadly negative.

The NSE insurance and the NSE consumer goods indices led losers, falling by 1.78% and 91bps respectively.

Similarly, the NSE industrial goods and the NSE banking indices also lost 54bps and 6bps respectively.

The NSE oil & gas index was today’s sole gainer, advancing by 1.36%.

Market’s activity was mixed, with volume traded declining by 1.91% to 369mn units while value traded increased by 30.60% to N5.060bn.

Most traded stocks by volume were University Press Limited (95.05mn units), Fidelity Bank Plc (65.48mn units) and Unilever Nigeria Plc (47.22mn units).

Meanwhile the top traded by value are Fidelity Bank Plc (1.99 trillion), Unilever Nigeria Plc (N944.31 billion) and University Press Plc (N678.74 billion).

The Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) both lost 22bps and 10bps respectively.

Source: DMarketForces