Bearish sentiments persist on NSE as investors lose N9.8bn in five days

The bearish sentiment persisted among investors in the Friday trading session as the all-share index (ASI) declined for the third time in the last five days.

This negative trend was recorded on Monday (-44 basis points); Tuesday (-34bps); and on Friday (-17bps), with gains only on Wednesday (6bps) and Thursday (82bps).

Consequently, market capitalisation depreciated to N12.669 trillion as against the opening of the week (Monday) at N12.680 trillion, while year-to-date (YTD) loss worsened to -9.5 percent.

Activity level was mixed as average volume traded advanced 12.6 percent to 203.1 million units while average value traded declined 44.7 percent to N1.5 billion.

The most traded stocks by volume were Sterling Bank (293.7 million units); FCMB (55.8 million units); and First Bank Nigeria Holdings (49.7 million units) while the most traded stocks by value were MTN Nigeria (N1.5 billion); Guaranty Trust Bank (N677.0 million) and Zenith Bank (N366.0 million).

Performance across sectors under the NSE top five was bearish as four of the five indices closed negative week on week.

The industrial index was up 0.5 percent, following price appreciation in BUA Cement (+1.2 percent).

The banking index led losers, depreciating 3.9 percent, due to selling pressures in Unity Bank (-8.2 percent), Zenith Bank (-5.7 percent), and Guaranty Trust Bank (-4.2 percent).

Also, sell-offs in Linkage Assurance Plc (-14.9 percent), Nigerian Breweries Plc (-11.9 percent) and Conoil (-10.6%) dragged the insurance, consumer goods, and oil & gas indices lower by 1.9 percent apiece.

On the trading floor for the week, 23 stocks gained while 36 stocks declined.

The top gainers were Cutix Plc (+10.3 percent); NPF Microfinance Bank Plc (+10.0 percent); and Ikeja Hotel Plc (+9.8 percent) while Linkage Assurance Plc (-14.9 percent); Nigerian Breweries Plc (-11.9%); and Wapic Insurance Plc(-11.4%) led top losers.