Investors lose N440 billion amid sell-off in equities

Bearish sentiment persisted on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as investors’ wealth depreciated further by N440 billion.

The All Share Index (ASI) decreased by 807.83 absolute points, representing a dip of 1.82 per cent to close at 43,461.60 points. Similarly, the market capitalisation lost N440 billion to close at N23.672 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Guinness Nigeria, MTN Nigeria Communications (MTNN), Custodian Investment and Stanbic IBTC Holdings.

On market outlook, GTI Securities Limited said, “we expect mixed sentiments to continue during the week, as pre-election risks amplify.”

Vetiva Dealings abs Brokerage said: “Sell down in large cap names continue to dampen market performance as YTD return falls to 1.74%. However, we expect slight bargain hunting activities tomorrow.”

Market breadth closed negative, with 19 losers versus 12 gainers. Unity Bank recorded the highest price gain of 10 per cent to close at 44 kobo, per share. Thomas Wyatt Nigeria followed with a gain of 8.57 per cent to close at 38 kobo, while Jaiz Bank rose 6.38 per cent to close at N1.00, per share.

Fidson Healthcare went up by 5.76 per cent to close at N8.99, while Geregu Power appreciated by 5.09 per cent to close at N121.80, per share. On the other hand, Guinness Nigeria led the losers’ chart by 9.95 per cent to close at N74.65, per share, per share. Custodian Investment followed with a decline of 9.32 per cent each to close at N5.35, while Dangote Cement lost 8.33 per cent to close at N220.00, per share.

Courteville Business Solutions lost 8.00 per cent to close at 46 kobo, while NEM Insurance shed 7.50 per cent to close at N3.70, per share.

However, the total volume traded rose by 142 per cent to 249.912 million units, valued at N2.502 billion, and exchanged in 3,283 deals. Transactions in the shares of Access Holdings topped the activity chart with 128.732 million shares valued at N1.035 billion. FBN Holdings (FBNH) followed with 19.492 million shares worth N192.824 million, while Transnational Corporation of Nigeria (Transcorp) traded 17.352 million shares valued at N18.240 million.

Fidelity Bank traded 14.900 million shares valued at N59.862 million, while Guaranty Trust Holding Company (GTCO) transacted 14.591 million shares worth N255.819 million.