Bears sustain dominance as capitalisation dips further by N11bn
The bears maintained dominance on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, despite gains that outweighed losses forcing market capitalisation to decline by N11 billion.
Specifically, at the close of trading yesterday, market capitalisation dropped by N11 billion from N22.576 trillion recorded on Tuesday to N22.565 trillion.
Also, the All-Share Index (ASI) depreciated by 10.12 points or 0.04 per cent from 43, 255.14 to 43, 245.02.
Analysts at Vetiva Dealings and Brokerage firm said: “Despite the session closing with more gainers than losers, sentiment in the market continues to trend bearish.
“Therefore, we anticipate another mixed session tomorrow, with a negative tilt amid weak activity levels and no discernible catalyst to boost activity.”
Investors traded 243.185 million shares valued at N3.746 billion in 3777 deals against 217.972 million shares cost N2.907 billion exchanged hands the previous day in 4158:deals.
A review of yesterday’s transactions showed that Living Trust led the gainers’ chart with 10 per cent to close at 88 kobo while Chams followed with a gain of 9.52 pee cent to close at 23 kobo.
AIICO Insurance gained 9.26 per cent to close at 59 kobo. Ikeja Hotel appreciated by 8.70 per cent to close at N1.25 kobo. NGX group added 7.84 per cent to close at N 16.50 kobo.
On the contrary, HoneyWell Flour Mills Nigeria Plc recorded the highest loss, shedding 9.78 per cent to close at N3.69 kobo, while Eterna Plc trailed with a loss of 9.02 per cent to close at N6.05 kobo. Regal Insurance fell by 7.69 per cent to close at N36.
Cornerstone Insurance dipped by 7.14 per cent to close at 52 kobo.
Wema Bank fell by 3.61 per cent to close at 80 kobo.
The report further showed that Zenith Bank Plc was the toast of investors during the day, exchanging 37.408 million shares valued at N908.424 million.
FCMB group followed with account of 27.441 million shares cost N88.579 million, Honeywell Flour traded 22.855 million shares cost N87.590 million, Sterling Bank sold 22.764 million shares cost N33.695 million, Access Bank traded 14.118 million shares valued at N131.893 million.