Investors’ wealth slumps by N197 billion amid Yuletide selloffs

Preparations for the Yuletide have continued to take a toll on the equities sector of the Nigerian Stock Exchange (NSE) amid massive selloffs in the shares of some blue chip stocks, as investors’ wealth depreciated by N197 billion yesterday. Specifically, the All Share Index (ASI) decreased by 410.55 absolute points, representing a decline of 1.55 percent to close at 26,115.80 points. 
 
Similarly, the market capitalisation lost N197 billion to close at N12.607 trillion The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; MTN Nigeria, Ecobank Transnational Incorporated (ETI), Cement Company Northern Nigeria (CCNN), Transcorp Hotels, and FBN Holdings.
 
Analysts at Afrinvest Limited predicted sustained bearish performance in the near term, as investors maintain a risk-off attitude towards the equities market.  “However, this is a good time to cherry-pick fundamentally sound stocks.”
   
Market breadth closed positive, with 17 gainers versus 14 losers. AG Leventis & Company and Japaul Oil & Maritime Services recorded the highest price gain of 10 percent, each, to close at 55 kobo, and 22 kobo, respectively, per share.
   
Nigerian Aviation Handling Company (NAHCO) followed with a gain 8.96 percent to close at N2.31, while Linkage Assurance appreciated by 8.16 per cent to close at 53 kobo, per share.Jaiz Bank rose 6.06 percent to close at 70 kobo, while Real Estate Investment Trust (UPDCREIT), and Oando appreciated by 5.88 percent each to close at N3.40, each, per share. 
   
On the other hand, Cornerstone Insurance led the losers’ chart by 9.52 percent to close at 38 kobo per share. Transcorp Hotels followed with a decline of 9.26 per cent to close at N4.90, while ETI lost 9.09 per cent to close at N6.00, per share.FBN Holdings lost 7.69 per cent to close at N6, while MTN Nigeria shed 6.67 percent, each, to close at N105, per share.
   
The total volume traded declined by 44.74 per cent to 188.79 million shares, worth N2.43 billion, and traded in 2,605 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 32.17 million shares valued at N215.80 million. Guaranty Trust Bank followed with 26.33 million shares worth N777.96 million, while Access Bank traded 24.99 million shares valued at N238.8 million.NASCON Allied Industries traded 15.38 million shares at N192.28 million, while FBN Holdings transacted 12.98 million shares worth N78.81 million.