Honeywell, Chams, others lead stock market N12b losses
Transactions on the Nigerian Stock Exchange (NSE), reopened on a downturn yesterday, following price losses suffered by most blue-chip stocks, especially Honeywell Flour Mills, and Chams, causing market capitalisation to depreciate by N12 billion.
At the close of trading Monday, the All Share Index (ASI) shed 23.41 points or 0.09 per cent to 25,582.23 points. Accordingly, investors lost N12 billion in value as market capitalisation slipped to N13.346 trillion.
The downturn was impacted by losses recorded in medium and large capital stocks, including Guaranty Trust Bank, Dangote Sugar Refinery, Red Star Express, United Bank for Africa (UBA), and Zenith Bank.
This week, analysts at United Capital Plc predicted profit-taking across sectors given the bullish performance recorded by virtually all the blue-chip stocks last week.
The analysts added that the resumption of foreign exchange (FX) sales at the investors’ and exporters’ (I&E) window might provide previously locked-in foreign investors the long-awaited opportunity to exit their stakes or limit exposure to Nigerian equities.
Market sentiment, as measured by the market breadth, was positive, as 16 stocks gained relative to 15 losers.
Eterna Oil recorded the highest price gain of 9.13 per cent to close at N2.27 per share. NEM Insurance followed with 8.70 per cent to close at N2.25, while C&I Leasing rose 8.33 per cent to close at N3.90, per share.
UACN Property Development Company advanced 7.61 per cent to close at 99 kobo, and Academy Press garnered 7.41 per cent to close at 29 kobo, per share.
On the other hand, Honeywell Flour Mill led the losers’ chart by 6.25 per cent to close at 90 kobo per share. Chams followed a 4.55 per cent fall to close at 21 kobo, while Red Star Express slipped 4.37 per cent to close at N3.72, per share.
Neimeth International Pharmaceuticals lost 3.74 per cent to close at N1.80, and Union Diagnostic & Clinical Services shed 3.70 per cent to close at 26 kobo, per share.
Also, the total volume traded fell 39.24 per cent to 254.974 million shares worth N2 billion, traded in 4,699 deals. Transactions in the shares of UBA topped the activity chart with 44.349 million shares valued at N291.992 million.
Zenith Bank followed with 30.821 million shares worth N536.111 million, and Access Bank traded 29.115 million shares valued at N196.625 million.
Custodian Investment traded 19.828 million shares at N126.688 million, while FBN Holdings (FBNH) transacted 19.828 million shares worth N98.633 million.
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