Investors lose N109b amid sell-offs in high-cap stocks
Following massive sell-offs in most high cap stocks, Nigeria equities market resumed from the Eid-el-Kabir celebration on a decline, as market capitalisation slumped by N109 billion to close at N13.198 trillion.
Specifically, at the close of transactions yesterday, the All-share Index (ASI), which measures the performance of listed equities, dropped by 223.70 absolute points or 0.82 per cent to close at 27,083.11 points.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, MTN Nigeria, Flour Mills Nigeria, Cement Company of Northern Nigeria (CCNN), and Guaranty Trust Bank.
Analysts at Afrinvest Limited, said: “We maintain a bearish outlook for the rest of the week in the absence of any major catalyst. However, we see opportunities for bargain hunting in stocks with sound fundamentals.”
Market breadth was also negative, with four gainers versus 27 losers.
Continental Reinsurance recorded the highest price gain of 4.32 per cent to close at N1.45, while Custodian Investment followed with 3.33 per cent to close at N6.20, per share.
Africa Prudential rose 1.41 per cent to close at N3.60, while Union Bank of Nigeria (UBN) appreciated by 0.74 per cent to close at N6.80, per share.
On the other hand, UAC of Nigeria (UACN) led the losers’ chart with 10 per cent to close at N4.95 per share.
NPF Microfinance Bank followed with 9.32 per cent to close at N1.07, while Flour Mills lost 8.50 per cent to close at N14, per share.
Total Nigeria shed 7.84 per cent to close at N105.80, and Law Union & Rock Insurance 7.69 per cent to close at 36 kobo, per share.
However, total volume traded rose 6.5 per cent to 235.117 million shares worth N3.29 billion, traded in 3,922 deals.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 49.86 million shares valued at N1.296 billion.
Zenith Bank followed with 34.72 million shares worth N563.66 million, while Access Bank traded 33.21 million shares at N199.39 million.
FBN Holdings traded 20.42 million shares valued at N97.48 million, while Fidelity Bank sold 10.66 million shares worth N15.81 million.