Photo L-R: Anthony Idigbe, Non-Executive Director, Royal Exchange Assurance Plc; Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Chike Mokwunye, Group Managing Director, Royal Exchange Assurance Plc; Sheila Ezeuko, Group Company Secretary/Legal Adviser, Royal Exchange Assurance Plc; Auwalu Muktari, Executive Director, Royal Exchange Assurance Plc and Yinka Ojora, Non-Executive Director, Royal Exchange Assurance Plc at the Closing Gong Ceremony at the Exchange today.
The Nigerian Equities market continued on its slippery slide downhill as persistent sell offs in the market dragged the All Share Index 84bps further into the red to close at 26, 950.76 points. The poor performance was majorly driven by losses in GUINNESS (-4.3%), ZENITH (-3.5%) and NIGERIAN BREWERIES (-1.6%). Consequently, market capitalization declined N78.6bn to settle at N9.3tn. Activity level in the market also weakened at the close of trade as volume traded fell 54.7% to 189.3m units although value traded rose 6.6% to N3.2bn.
Insurance Sector Lone Gainer
All sector indices save for the Insurance index (+0.4%), closed in the red. The Consumer Goods index was the biggest sector loser today (-1.0%) as price depreciation in GUINNESS (-4.3%) and NIGERIAN BREWERIES (-1.6%) dragged the index. Similarly, the Banking index lost 0.8% consequent on sell offs in ZENITH (-3.5%) and ACCESS (-4.3%). The Oil & Gas and Industrial Goods indices also followed suit, depreciating 0.6% and 0.4% respectively.
Negative Sentiments Remain
Investor sentiments in the bourse remained weak today as seen in the market breadth of 0.4x resulting from 14 stocks advancing against 38 declining stocks. The gainers' chart was topped by JBERGER (+5.0%), LEARNAFRCA (+4.9%) and UNILEVER (+4.9%) while SKYEBANK (-9.5%), TRANSCORP (-5.3%) and ETRANZACT (-5.0%) were the biggest losers. The persistent dip in market performance buttresses the need for investors to stay cautious especially in the short term, even as we consider the current prices attractive for medium to long term investment positioning.