Investors lose as Nigerian bourse reverses gains

Investors again lost about N198. 05 billion with market capitalization declining to N12.952 trillion as trading on the floor of the Nigerian bourse closed on a bearish route to reverse all the previous day gain.

The All-Share-Index plunged by 1.53% to close at 24,479.22 index point. However, the market witnessed improved turnover as both volume and value traded rose significantly by 76.83% and 91.89% respectively.

FBNH was the most traded stock by volume at 68.2 million units while NIGERIAN BREWERIES was the most traded stock by value at N805.42 million.

Market sentiment, as measured by market breadth, was negative as 34 tickers declined, relative to 10 gainers.

CADBURY and BUACEMENT were the top losers of the day with -10.00% apiece decline, while NEMEITH and OKOMUOIL recorded the largest gains with +10.00% and +9.94% appreciation in share value.

Sector performance mirrored the broad index as bearish sentiment characterized the sectors. We highlight sell-offs in BUACEMENT (-10.00%), WAPCO (-7.41%) and DANGCEM (-0.78%), which placed the industrial index as the worst performer, fell by 7.50%.

The Banking index trailed to slump by 1.32%, as a result of a decline in UBN (-6.35%), GUARANTY(-1.34%) and FBN (-0.94%), the NSE Oil & Gas and Insurance indexes followed suit, shedding 0.43% and 0.04% respectively.

The Consumer Goods sector closed as the lone gainer at 0.18%, saved by OKOMUOIL (+9.94%) and NB (+3.14%)

NEIMETH up 10.00% to close at N1.65, OKOMUOIL up  9.94% to close at N77.4, LAWUNION up 6.19% to close at N1.03, VITAFOAM up 5.47% to close at N5.59, NB up 3.14% to close at N5.59

BUACEMENT down 10.00% to close at N38.7, CADBURY down 10.00% to close at N6.75, BERGER down 9.40% to close at N6.75, WAPCO down7.41% to close at N10, DANGCEM down 0.78% to close at N127

Nigerian bourse finished on a negative note as bears regained grip on the local bourse following losses recorded by blue-chip firms.