Bearish sentiment continues as 23 stocks record losses

Bearish sentiment persists in the equities sector of the capital market with losses in Airtel Africa and 22 stocks dragging market capitalisation by N608 billion.

At the close of transactions yesterday, the all-share index depreciated by 3.2 per cent to 47260.89 points from 48836.7 traded the previous day.

Market capitalisation of listed equities declined by N609 billion or 2.3 per cent to N25.741 trillion from N26.350 trillion reported the previous day. Investors traded 140.67 million shares valued at N2.516 billion in 4371 deals against 135.52 million shares worth N2.22 billion in 4041 deals.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are Airtel Africa Okomuoil, MTN Nigeria, Presco, NGX Group, Lafarge WAPCO, Stanbic IBTC, Union Bank of Nigeria and National Salt Company of Nigeria.

Further review of yesterday’s trading showed that Geregu led the gainers’ chart, adding 9.91 per cent to close at N120.90 kobo. Livestock followed, appreciating by eight per cent to close at N2.16 kobo.

Cornerstone Insurance increased by 3.92 per cent to close at 53 kobo. First City Monument Bank added 3.83 per cent to close at N3.25 kobo while Wema Bank gained 3.72 per cent to close at N3.35 kobo.

FTN Cocoa garnered 3.70 kobo to close at 28 kobo. United Capital appreciated by 1.85 per cent to close at N11. CHI Plc also gained 1.75 per cent to close at 58 kobo.

On the contrary, Airtel Africa topped the losers’ chart, shedding 10 per cent to close at N1800. Presco Plc followed with a loss of 9.99 per cent to close at N128.35 kobo. Okomu oil added 9.98 per cent to close at N169.50 kobo.

HoneyWell Flour fell by 8.66 per cent to close at N2.11 kobo. Redstarex dipped by 8.62 per cent to close at N2.12 kobo. Union Bank of Nigeria lost 8.59 per cent to close at N5.85 kobo.

Chams depreciated by 6.9 per cent to close at 27 kobo. Neimeth declined by five kobo to close at N1.33 kobo. NGXGroup also shed 4.65 per cent to close at N20.50 kobo.

The result further showed that GTCO Plc was the toast of investors for the day, exchanging 27.729 million shares valued at N471.484 million, Sterling Bank followed with an account of 25.429 million shares valued at N390.430 million, Zenith Bank exchanged 14.4 million shares valued at N276.456 million.

Transnational Corporation of Nigeria sold a total of 13.207 million shares costing N13.823 million while Geregu traded 49.641 million shares valued at N586.759 million.