Nigeria’s equity market year-to-date losses widen to 8.3%
Nigeria’s equity market declined again on Thursday as profit-taking on shares of top telecoms firm and banking sector leaders further widen the year-to-date losses in the market to 8.3 percent at the close of trading.
The all-share index fell 0.12 percent to close at 24,625.24 points as volume and value of transactions on the market fell 31.2 percent and 15.2 percent to 130.3 million units and ₦1.6 billion respectively.
The Nigerian Stock Exchange (NSE) 30 index declined by 0.17 percent to close at 1,068.12 points compared with 1,069.99 points the previous day.
Also, the market capitalisation fell further to N12.84 trillion at the end of trading on Thursday from N12.86 trillion posted the previous day.
Investors took profit from the local unit of South Africa’s telecoms firm MTN Nigeria, which was down by 0.42 percent, Zenith Bank also shed its share price by 1.52 percent while FBN Group shed 0.94 percent while Trascorp fell 1.43 percent.
Investors, however, traded most on Zenith Bank with 19 million united traded followed by Transcorp with 16.1 million units while FBN Holdings traded 9.9 million shares.
“Across sectors, performance was bearish as 3 of the 6 indices under our coverage closed southward. The Insurance index led laggards, down 0.3 percent due to price depreciation in LINKASSURE (-9.4 percent),” Afrivest Securities wrote in a note to clients.
Afrivest Securities said; “following four consecutive days of sustained profit taking by investors, we expect the equities market to close in the red. However, opportunities for bargain hunting exists in the last trading session for the week.”