Stock Market Halts Winning Streak, Loses N162bn

The All Share Index fell by 297.65 absolute points, representing a decrease of 0.53 per cent to close at 55,508.61 points. Accordingly, investors lost N162 billion in value as market capitalisation declined to N30.239 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Ecobank Transnational Incorporated , United Capital, Lafarge Africa and UAC of Nigeria . Analysts noted that the market has rallied significantly in consecutive months, raising fears of an over-extended market, saying, “we expect sustained bullish sentiments as we anticipate downbeat money market yields till Q2, 2023. Technical indicators point to a more significant downside potential for equities.

“We consider buying equities a ‘riskier’ rather than a ‘wrong’ strategy while favouring reducing portfolio exposures as the ideal approach. Equity stakeholders can look to book profits off stocks that have crossed the overbought region, as the RSI indicates.”However, market breadth closed positive as 30 stocks gained relative to 12 decliners. Veritas Kapital Assurance recorded the highest price gain of 10 per cent to close at 22 kobo, per share. Ardova Plc followed with a gain 9.

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