CAP, CCNN, others lead stock market N68 billion losses
Transactions on the trading floor of the Nigerian Stock Exchange (NSE), sustained a sliding profile, following price losses suffered by most bluechip stocks, especially CAP, and Cement Company of Northern Nigeria (CCNN), resulting to a further slide in the market capitalisation by N68 billion.
Specifically, at the close of transactions yesterday, CAP and CCNN led the losers’ chart with 10 per cent, to close at N24.75 and N13.05, respectively, while Okomu Oil followed with 9.93 per cent to close at N55.80, per share.
Forte Oil lost 9.90 per cent to close at N18.65, and Flour Mills of Nigeria shed 9.88 per cent to close at N14.60, per share.
On the other hand, Red Star Express recorded the highest price gain of 9.81 per cent to close at N5.71 per share.
Lasaco Assurance followed with 9.68 per cent to close at 34 kobo, while NEM Insurance 4.09 per cent to close at N2.29, per share.
Nestle Nigeria rose 1.79 per cent to close at N1,250, while Guaranty Trust Bank gained by 1.72 per cent to close at N29.50, per share.
Consequently, the All Share Index (ASI) fell by 140.10 absolute points, representing a decline of 0.49 per cent to close at 28,200.88 points. Similarly, the market capitalisation lost N68 billion and closed at N13.744 trillion.
Thus, the month-to-date and year-to-date losses worsened to 3.29 per cent and 10.28 per cent respectively.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Chemical and Allied Products (CAP), Forte Oil, Conoil, and Flour Mills of Nigeria.
Analysts at Afrinvest Limited expect the negative performance to persist throughout the week as sell pressures dominate activities.
Also, Analysts at Investdata Consulting Limited urged investors to leverage opportunity and increase their portfolio with value stocks considering the current low valuation to position for dividend income and capital gain.
Market breadth remained negative with 10 gainers versus 32 losers. But total volume traded rose by 23.7 per cent to 217.13 million shares, worth N1.8 billion, and traded in 3,595 deals. Transactions in the shares of FBN Holdings topped the activity chart with 46.76 million shares valued at N266.24 million.
Courteville Business Solutions followed with 46.74 million shares worth N9.46 million, while United Bank for Africa (UBA) traded 24.17 million shares at N136.49 million.
Transnational Corporation of Nigeria (Transcorp) traded 12.40 million shares valued at N12.48 million, and Zenith Bank transacted 10.97 million shares worth N204.04 million.
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