Nigeria’s stock market extended its bearish run on Tuesday, May 7, as losses in Zenith (-1.7%), Dangote Flour (-9.9%) and Union (-2.1%) dragged the All Share Index (ASI) 0.35% southwards to settle at 29,096.4 points.
As a result of this performance, the market’s year to date (ytd) losses worsened to -7.4% while market capitalisation dipped by N37.8bn to N10.9tn.
However, the day’s activity level strengthened as volume and value traded surged 58.7% and 104.0% to 430.3m units and N2.8bn respectively.
COURTVILLE (106.6m units), JAPAULOIL (61.2m units) and ACCESS (53.7m units) were the top traded stocks by volume while GUARANTY (N703.7m), ZENITH (N458.6m) and ACCESS (N378.3m) were the top traded by value.
Across major sectors, performance was largely negative, as only 1 of 5 sectors closed in the green.
The Industrial Goods index was the lone gainer, advancing 0.3% on the back of gains in BETAGLAS (+10.0%) and CUTIX (+0.5%).
On the flipside, the Insurance index led the losers, down 3.0% following price depreciation in MANSARD (-7.5%), AIICO (-5.1%) and NEM (-1.7%) while the Consumer Goods and Banking indices declined 0.5% apiece on the back of losses in DANGFLOUR (-9.9%), DANGSUGAR (-1.8%) and UNION (-2.1%).
Similarly, the Oil and Gas index shed 0.7% following profit taking in ETERNA (-3.7%).
Investor sentiment measured by market breadth (advance/decline ratio) also weakened to 0.2x from 1.0x recorded the previous trading session as 11 stocks closed in the green relative to 52 laggards.
The top gainers were BETAGLAS (+10.0%), COURTVILLE (+8.3%) and CHAMS (+8.2%) while DANGFLOUR (-9.9%), IKEJAHOTEL (-9.4%) and CADBURY (-9.3%) were the worst performers.
Analysts at Afrinvest opined that the day’s bearish performance coupled with the weak investors’ sentiment, could thus lead to subsequent trading sessions ending bearish.