Nigerian equity market extends losses to second consecutive trading day

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.