The Nigerian Exchange Limited(NGX), yesterday, halted prior day gaining streak as market capitalisation plunged by N284 billion amid price depreciation in MRS Oil Nigeria Plc and 31 stocks.
At the close of transactions yesterday, the all-share index (ASI) lost 460.2 points, representing a loss of 0.44 per cent to close at 103,958.75 points. Also, market capitalisation shed by N284 billion to close at N64.156 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are MRS Oil Nigeria, Dangote Cement, FBN Holdings, Fidelity Bank and Unilever Nigeria.
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “We are cautiously optimistic that we will see bargain hunting activity as more earnings are released; we anticipate a mild recovery in the banking space following today’s selloffs.”
Afrinvest Research said: “Investor sentiment, as measured by market breadth, weakened to -0.03x from 0.14x i n the previous session as 30 stocks advanced, 32 declined. We expect the bearish sentiment to linger tomorrow (today), underpinned by weak investor sentiment.”
Investor sentiment, as measured by market breadth closed negative as 30 stocks advanced while 32 declined. Eunisell Interlinked, SCOA Nigeria and Okomu Oil emerged the highest price gainer of 10 per cent each to close at N12.54 kobo, N4.07 kobo and N488.40 kobo respectively.
Skye Shelter Fund followed with a gain of 9.97 per cent to close at N197.35 kobo, while NEM Insurance advanced by 9.96 per cent to close at N13.25 kobo.
On the other side, MRS Oil Nigeria led others on the losers’ chart with 9.95 per cent to close at N162.90 kobo.
Red Star Express followed with a decline of 9.9 per cent to close at N4.55 kobo, while Learn Africa shed 9.82 per cent to close at N4.50.
DAAR Communications declined by 8.33 per cent to close at 77 kobo, while Veritas Kapital Assurance declined by 7.74 per cent to close at N1.43 kobo.
Meanwhile, the total volume traded increased by 2.53 per cent to 542.23 million units, valued at N13.636 billion, and exchanged in 15,561 deals. Transactions in the shares of Access Holdings led the activity with 43.986 million shares worth N1.19 billion.
Sterling Financial Holdings Company followed with account of 42.228 million shares valued at N254.293 million, while Zenith Bank traded 33.792 million shares valued at N1.718 billion.
United Bank for Africa (UBA) traded 29.198 million shares worth N1.094 billion, while FCMB Group traded 26.05 million shares worth N313.14 million.
