The Nigerian equity market extended the previous day’s losses, due to selloff pressure on AIRTELAF, BUACEMENT and FBNH on Tuesday.
The All-Share Index fell 1.8% to 37,847.07 points as the YTD loss worsened to -6.0% while market capitalisation declined by ₦363.9bn to ₦19.7trillion.
Trading activity strengthened as volume and value traded rose by 4.3% and 54.6% respectively to 218.3m units and ₦2.7bn.
The most traded stocks by volume were TRANSCORP (42.4m units), VITAFOAM (20.1m units), and DANGSUGAR (17.6m units) while MTNN (₦333.8m), DANGSUGAR (₦312.1m), and VITAFOAM (₦271.6m) led by value.
The AFR-ICT and Industrial Goods indices led laggards, down 4.6% and 1.1% respectively on the back of selloffs in AIRTELAF (-10.0%) and BUACEMENT (-2.7%).
Similarly, the Insurance and Banking indices declined by 0.4% and 7bps respectively following price depreciation in MBENEFIT (-7.3%), FBNH (-2.1%) and ZENITH (-0.4%).
Conversely, the Oil & Gas and Consumer Goods indices inched higher by 5bps and 2bps respectively due to buying interest in OANDO (+0.7%) and VITAFOAM (+9.7%).
FIDSON (+10.0%), VITAFOAM (+9.7%), and REDSTAREX (+9.6%) led gainers while AIRTELAF (-10.0%), MBENEFIT (-7.3%), and CORNERST (-7.3%) led decliners. In the next trading session, we anticipate a positive performance on the domestic bourse driven by bargain hunting activities.
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