Capitalisation dips by N28 billion amid selloff in Transcorp, 26 stocks

The Nigerian equities market halted three days of the successive rally to close on a downturn, yesterday, as market capitalisation plunged by N28 billion, amid selloffs in TransNational Corporation of Nigeria (Transcorp) and 26 stocks.

At the close of transactions yesterday, the all-share index (ASI) declined by 50.81 points, representing a loss of 0.08 per cent to close at 66,439.53 points.

Also, market capitalisation lost N28 billion to close at N36.363 trillion.

The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are; Transnational Corporation (Transcorp), Zenith Bank, Flour Mills of Nigeria, Computer Warehouse Group (CWG) and Guaranty Trust Holding Company (GTCO).

The market breadth, which measures investor sentiment through the gainers/losers ratio increased as 27 stocks appreciated, while 24 stocks depreciated. Capital Hotel and Consolidated Hallmark Insurance emerged as the highest price gainers of 10 per cent each to close at N2.75 and N1.10 respectively, while University Press followed with a gain of 9.77 per cent to close at N2.36 kobo.

Champion Breweries rose by 9.72 per cent to close at N3.50 kobo while Thomas Wyatt Nigeria appreciated by 9.60 per cent to close at N2.17 kobo. Chams added 7.87 per cent to close at N96 kobo. Honeywell flour Mills also appreciated by 7.87 per cent to close at N3.70 kobo.

On the other hand, Transcorp led others on the losers’ chart with 9.99 per cent to close at N6.31 kobo. CWG followed with a decline of 9.88 per cent to close at N3.65 kobo while Ikeja Hotel shed 9.84 per cent to close at N2.84 kobo. FTN Cocoa processors dropped 8.11 per cent to close at N2.04 kobo.

R.T. Briscoe Nigeria depreciated by 6.67 per cent to close at 42 kobo. African Prudential declined by 4.03 per cent to close at N5.95 kobo. Tantalizer shed 3.45 per cent to close at 28 kobo.

UACN declined by 2.36 per cent to close at N10.35 kobo. Sterling Bank fell by 2.35 per cent to close at N3.32 kobo. Custodian & Allied Insurance also shed 1.96 per cent to close at N7.50 kobo.

The total volume of trade increased by 45.83 per cent to 637.194 million units, valued at N7.791 billion, and exchanged in 10,033 deals. Transactions in the shares of Transcorp led the activity with 292.41 million shares worth N2.147 billion.

Access Holdings followed with an account of 26.652 million shares valued at N435.492 million, while Dangote Sugar Refinery traded 24.454 million shares valued at N1.455 billion.
Jaiz Bank traded 18.662 million shares worth N27.724 million, while Fidelity Bank traded 17.386 million shares worth N122.281 million.