Investors lose N337 billion amid selloff in 21 stocks

Following sell-offs of Oando Plc and 20 other stocks, the Nigerian capital market, yesterday, reversed gains to close on a downward note as market capitalisation declined by N337 billion.

The all-share index (ASI) lost 556.37 points, representing a decline of 0.57 per cent to close at 96,567.24 points. Also, market capitalisation declined by N337 billion to close at N58.515 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Oando, United Bank for Africa (UBA), NASCON Allied Industries, Transnational Corporation (Transcorp) and Guaranty Trust Holding Company (GTCO).
Reacting on market performance, analysts at Vetiva Dealings and Brokerage said:” We anticipate further mixed activity with a slightly bearish close, as investors continue to trade in line with corporate actions whilst cherry picking attractive counters across board.

Afrinvest Research said: “Investor sentiment, as measured by market breadth, worsened to -0.01x (from 0.06x in the prior session) as 20 stocks advanced, 21 declined. We anticipate a bearish outing tomorrow (today) as investors target attractive risk-free offers expected at the NT-bills auction.”

As measured by market breadth, market sentiment slightly negative, as 20 stocks gained relative to 21 losers. Eunisell Interlinked emerged the highest price gainer of 9.87 per cent to close at N7.46 kobo. Regency Alliance Insurance followed with a gain of 9.30 per cent to close at 47 kobo, while Veritas Kapital Assurance rose by 9.17 per cent to close at N1.31 kobo.

DAAR Communications increased by 8.93 per cent to close at 61 kobo, while FCMB Group also added 7.73 per cent to close at N9.75 kobo.
On the other hand, UBA led the losers’ chart with 9.99 per cent to close at N31.55, per share. Oando followed with a decline of 9.98 per cent to close at N65.40, while Thomas Wyatt Nigeria shed 9.79 per cent to close at N1.75 kobo.

NASCON Allied Industries declined by 7.83 per cent to close at N30.00, while Lasaco Insurance deprecated by 7.50 per cent to close at N2.22 kobo.

The total volume traded fell by 88.4 per cent to 418.386 million units, valued at N10.041 billion, and exchanged in 9,021 deals. Transactions in the shares of Sterling Financial Holdings Company led the activity with 79.646 million shares worth N401.923 million. UBA followed with account of 78.933 million shares valued at N2.569 billion, while Access Holdings traded 44.398 million shares valued at N1.062 billion.

Jaiz Bank traded 43.635 million shares worth N98.914 million, while Veritas Kapital Assurance traded 25.278 million shares worth N32.473 million.