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Investors lose N545b in single trading session as sell-off continues

By Helen Oji
19 October 2022   |   2:30 am
Selloff persisted in the equities sector of Nigeria’s capital market as price depreciation in Airtel Africa and Nigerian Breweries (NB) took off N545 billion from market capitalisation

Selloff persisted in the equities sector of Nigeria’s capital market as price depreciation in Airtel Africa and Nigerian Breweries (NB) took off N545 billion from market capitalisation at the close of yesterday’s trading.

The all-share index (ASI) decreased by 999.65 points, representing a dip of 2.1 per cent to close at 45,366.32 points.

Similarly, the market capitalisation depreciated by N545 billion to close at N24, 709 trillion.

The downturn was triggered by losses recorded in medium and large capitalised stocks such as Airtel Africa, NB, Lafarge WAPCO, Stanbic IBTC, Champion Breweries and Oando.

On market outlook, analysts at Vetiva Dealings and Brokerage said: “Market sentiment remains positive, with market breadth at 1.2x amid mixed sectoral performance and increased buy-interest in the banking sector, especially the tier-one names. We expect the latter to persist as attractive entry prices remain the key driver for the demand.”

GTI Securities Limited said: “We expect mixed sentiments as investors continue to search for value in challenging economic times.”

However, market breadth closed positive, with 18 gainers and 15 losers. Airtel Africa emerged as the day’s highest price loser, shedding 10 per cent to close at N1,458 while NB followed with 9.8 per cent to close at N41.90 kobo. CWG dropped 8.64 per cent to close at 74 kobo.

Jaiz Bank lost 5.56 per cent to close at 85 kobo. Japaul Gold depreciated by 3.85 per cent to close at 25 kobo. Champion Breweries shed 2.47 per cent to close at N3.56 kobo. Lafarge WAPCO lost 2.13 per cent to close at N23. Oando declined by 1.79 per cent to close at N4.40 kobo. Mansard lost 1.21 per cent to close at N1.63 kobo.

On the other hand, United Capital led others on the gainers chart, adding 9.69 per cent to close at N12.45 kobo. Regency Assurance followed with 8.33 per cent to close at 26 kobo.

Mutual Benefits Assurance garnered 7.41 per cent to close at 29 kobo. Honeywell Flourmills increased by 6.84 per cent to close at N2.50 kobo. Unity Bank 4.55 per cent to close at 46 kobo. Buacement appreciated by 3.98 per cent to close at N58.78 kobo.

Cutix improved by 3.86 per cent to close at N2.15 kobo. Chams added 3.85 per cent to close at 27 kobo. GTCO gained 2.49 per cent to close at N18.55 kobo. United Bank for Africa also garnered 2.17 per cent to close at N7.05 kobo.

On the activity chart, CWG Plc (CWG) was the highest-traded stock with 258.79 million of its shares traded in five deals. Guaranty Trust Holding Company Plc (GTCO) was the next with 57.41 million of its shares exchanged in 570 deals.

Zenith Bank came in third highest with 13.16 million of its shares traded in 337 deals. Fidelity Bank traded 12.489 million shares valued at N44.504 million while Access Holdings transacted 8.951 million shares worth N74.365 million.