Markets
Investors unmoved by inflation deceleration as Nigerian equity market dips 1.66%
Investors in the Nigerian equity market did not respond positively to the drop in the country’s information rate as the market declined 1.66% on Tuesday on the back of selloffs in AIRTELAF, STANBIC, and GUARANTY.
The All-Share Index fell 1.66% to 38,507.33 points, YTD loss worsened to -4.4% while market capitalisation declined ₦339.8bn to ₦20.1tn. Trading activity strengthened as volume and value traded rose 2.9% and 3.0% respectively to 297.3m units and ₦3.6bn. The most traded stocks by volume were ACCESS (43.1m units), STERLING (33.2m units), and ZENITH (25.9m units) while UHOMREIT (₦695.9m), ZENITH (₦602.2m), and MTNN (₦381.5m) led by value.
The AFR-ICT index led laggards, down 4.8% due to sell-offs in AIRTELAF (-10.0%).
Similarly, the Consumer Goods index fell 0.2% following price depreciation in INTBREW (-1.8%), FLOURMILL (-1.0%), and DANGSUGAR (-0.3%). Conversely, the Insurance and Banking indices rose 0.4% and 0.2% respectively due to buying interest in MANSARD (+2.3%), NEM (+3.9%), ACCESS (+3.1%), and ZENITH (+0.9%).
Also, the Oil & Gas index inched higher by 0.1% on the back of bargain hunting in OANDO (+1.7%).
CWG (+9.7%), BERGER (+6.7%), and REDSTAREX (+4.2%) led gainers while AIRTELAFR (-10.0%), OKOMUOIL (-9.4%), and CORNERSTONE (-9.1%) led decliners. In the next trading session, we expect the market to sustain its bearish performance as investors take profit.
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