Stock market slips by N245bn as fixed-income yields lure investors away

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Stock market slips by N245bn as fixed-income yields lure investors away



Nigerian stocks ceded more ground to fixed income securities this week as better return on investment from treasury bills and bonds heaped pressure on the equity market’s capital.
Sell pressure on big and medium-cap equities weighed most on the generally gloomy market that saw a plunge a N246.006 billion, raising doubts about the possibility of it making a bounceback in the days ahead after a prolonged period in the red.
All the key market performance indicators declined. The all-share index and market capitalisation dropped concurrently by 1.18 per cent. The former closed at 39,331.61 points and the latter at N20.578 trillion.
Trade volume of 2.092 billion shares estimated at N29.744 billion was recorded in 24,238 deals relative to the 1.930 billion shares valued at N20.656 billion posted in 24,687 deals last week.
The financial services sector led the activity chart, with 1.633 billion shares worth N10.727 billion traded in 13,269 deals. It added 78.06 per cent and 36.06 per cent to the total equity volume and value respectively.
ALSO READ: Nigerian equities extend slide on profit-taking in leading stocks
The consumer goods industry followed, trading 92.009 million shares worth N4.521 billion in 4,168 deals. The oil and gas sector was third, trading 91.340 million shares priced at N10.527 billion in 1,471 deals.
As regards index movement, all indices edged lower except the NSE Sovereign Bond and NSE Industrial Indices, which climbed up by 0.07 per cent and 1.39 per cent, 0.66 per cent in that order. The NSE ASeM did not change.

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