Renewed sell-off drags stock market indices by N101 billion
Following renewed sell off in some blue-chip stocks, transactions on the equity sector of the Nigerian Stock Exchange closed on a downturn yesterday, as market capitalisation depreciated by N101 billion.
Specifically, at close of trading yesterday, the All-Share Index (ASI) shed 274.38 absolute points, representing a dip of 0.86 per cent to close at 31,692.63 points. Similarly, the market capitalisation shed N101 billion at N11.576 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Total Nigeria, UAC of Nigeria (UACN), Flour Mills Nigeria and FBN Holdings.
Analysts at APT Securities and Funds Limited said that “we advise investors to monitor market movements and take advantage, as expectations for positive returns week on week (WoW) are still high amidst the marginal decline.”
However, market breadth closed positive with 30 gainers against 16 losers. Conoil, Mutual Benefit Assurance and NPF Microfinance Bank recorded the highest price gain of 10 per cent, each to close at N23.10, 22 kobo and N1.65, per share, respectively. Forte Oil followed with a gain of 9.92 per cent, to close at N34.35, while Transnational Corporation of Nigeria (Transcorp) rose by 9.84 per cent to close at N1.34, per share.
On the other hand, UACN led the losers’ chart by 10 per cent, to close at N10.80, per share. NEM Insurance followed with a decline 9.15 per cent to close at N2.68, while Niger Insurance lost 8.33 per cent to close at 22 kobo, per share.
Wema Bank declined by 8.20 per cent to close at 56 kobo, while UPL down by 5.66 per cent to close at N2 per share.Investors traded a total share volume of 452.26 million valued at N2.61 billion in 3,520 deals. Med-View Airline traded with 146.94 million shares valued at N293.89 million. NEM Insurance followed with 45.99 million shares worth N135.56 million, while Transcorp traded 37.5 million shares valued at N48.95 million.Fidelity Bank traded 30.72 million shares valued at N61.1 million, while Access Bank transacted 30.41 million shares worth N212.97 million.