Investors lose N122b in four trading days, amid persistent sell pressure
The Nigerian stock market extended losing streak, as sell pressure persisted at the close of transactions yesterday, causing investors’ wealth to plunge by N122 billion in four trading days.
Specifically, the market capitalisation of listed equities, which reopened at N14.087trillion on Monday, lost N122billion or 0.8 percent to N13.965trillion, Thursday, while the All-share index, which measures the performance of listed equities dropped by 232.79 points from 27,041.03 to 26,808.24.
Yesterday’s downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Stanbic IBTC Holdings, Flour Mills of Nigeria, Nigerian Breweries, Guaranty Trust Bank, and UAC of Nigeria (UACN).
Following the market’s negative performance, analysts at Afrinvest Limited expected the equities sector to close the week in the red.
Consequently, market breadth closed negative, with 13 gainers against 19 losers.
Jaiz Bank recorded the highest price gain of 9.43 percent to close at 58 kobo per share. Law Union and Rock Insurance followed with 7.95 per cent to close at 95 kobo, and Nigerian Aviation Handling Company (NAHCO) 7.04 per cent to close at N2.89, per share.
May and Baker Nigeria rose 4.81 per cent to close at N1.96, while Aiico Insurance edged 3.66 per cent to close at 85 kobo, per share.On the other hand, Flour Mills of Nigeria led the losers’ chart by 8.70 percent to close at N21 per share.
Consolidated Hallmark Insurance followed with 6.90 percent to close at 27 kobo, and Micro Finance Bank fell 6.25 to close at N1.05, per share.
Stanbic IBTC holdings lost 6.23 percent to close at N36.10, while Oando shed 5.66 percent to close at N3.00, per share.The total volume traded rose by 1.4 percent to 231.53 million shares worth N4.48 billion, traded in 3,606 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 45.57 million shares valued at N868.09 billion. Nigerian Breweries followed with 39.498 million shares worth N1.78 billion.Guaranty Trust Bank traded 35.62 million shares at N949.08 million.
United Bank for Africa (UBA) traded 25.50 million shares valued at N177.20 million, while FBN Holdings transacted 18.61 million shares worth N99.21 million.
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