The stocks of banks and industries depreciated on Thursday as the nation’s equities market extended its losses.
Investors lost a further N111.4bn as the market capitalisation of equities listed on the Nigerian Stock Exchange dropped from N11.586 on Wednesday to N11.474 on Thursday.
The All-Share Index depreciated by 0.96 per cent as sell-offs in Guaranty Trust Bank Plc, Stanbic IBTC Holdings Plc and Zenith Bank Plc dragged the ASI lower to close at 30,771.32 basis points from 31,070.06 bps on Thursday.
The year-to-date loss extended to -2.1 per cent, while activity level declined as volume and value traded slid by 21.6 per cent and 27.8 per cent to 169.190 million units and N1.128bn, respectively.
The top traded stocks by volume were Diamond Bank Plc (51.9 million units), Transnational Corporation of Nigeria Plc (12.8 million units) and Access Bank Plc (11.3 million units), while GTB (N171.9m), Zenith Bank (N168.7m) and Diamond Bank (N107.2m) were the top traded stocks by value.
Market performance was mostly bearish across sectors as four of five sectors closed in the red.
The oil and gas index emerged as the lone gainer with a 0.64 per cent gain as Forte Oil Plc recorded share price appreciation.
The industrial goods index posted the worst performance, with a 2.83 per cent loss on the back of price depreciation recorded by Cement Company of Northern Nigeria Plc and Lafarge Africa Plc.
The banking index trailed, shedding 2.15 per cent as a result of the sell-offs witnessed in GTB and Stanbic IBTC.
The insurance index lost 0.12 per cent on the back of losses recorded by Sovereign Trust Insurance Plc.
The consumer goods index also had a downward trajectory, weighed by price depreciation in Dangote Sugar Refinery Plc and Flour Mills of Nigeria Plc.
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.5x from 0.9x recorded on Wednesday as 24 declining stocks outnumbered 13 gainers.
The top five gainers were Forte Oil, Union Bank Nigeria Plc, Trans-nationwide Express Plc, Julius Berger Nigeria Plc and Jaiz Bank Plc, whose respective share prices gained 9.64 per cent, 8.04 per cent, 7.69 per cent, 5.20 per cent and 3.85 per cent.
Glaxo Smithkline Consumer Nigeria Plc, University Press Plc, Mcnichols Plc, First Aluminium Nigeria Plc and First City Monument Bank Plc were the top five losers with respective losses 10 per cent, 9.63 per cent, 8.51 per cent, 8.33 per cent and 8.33 per cent.
Analysts at Afrinvest Securities Limited said, “Despite the bearish performance of the market, good bargains in fundamentally sound stocks exist.
“We expect investors to take positions in these stocks even as pre-election jitters continue.”