Market capitalisation sustains free fall, loses N28 billion
Sell-offs persisted at the end of transactions on the equities sector of the Nigerian Stock Exchange (NSE) yesterday, occasioned by losses in most bluechip stocks, resulting to a further decline in market capitalisation by N28 billion.
Yesterday, the All-Share Index (ASI) decreased by 56.73 absolute points, representing a decline of 0.21 per cent to close at 27,089.84 points.
Similarly, the market capitalisation lost N28 billion and closed at N13.18 trillion, a downturn facilitated by losses recorded in medium and large capitalised stocks like Nestle Nigeria, Stanbic IBTC Holdings, Dangote Sugar Refinery, Oando and Cutix.
Analysts at Afrinvest Limited said: “In line with the trend, we expect the bearish performance to continue in the absence of any positive driver. Nevertheless, we do not rule out the possibility of some bargain hunting driving positive performance in subsequent sessions.”
However, market breadth closed slightly on the positive side, with 15 gainers against 14 losers, as UAC of Nigeria (UACN) and UACN Property Development Company recorded the highest price gain of 9.09 per cent each, to close at N6.6 and N1.08.John Holt followed with a gain of 8.93 per cent to close at 61 kobo, per share, as Seplat Petroleum Development Company (Seplat) went up by 7.12 per cent to close at N426, while FBN Holdings appreciated by 6.9 per cent to close at N4.65, per share.
On the other hand, Livestock Feeds led the losers’ chart by 7.14 per cent, to close at 39 kobo, per share and Lasaco Assurance followed with a decline of 6.9 per cent to close at 27 kobo, while Cutix lost 6.67 per cent to close at N1.40 per share.NPF Micro Finance Bank depreciated by 6.45 per cent each to close at N1.16, while Nestle Nigeria declined by 5.73 per cent to close at N1,136, per share.
Total volume traded depreciated by 6.7 per cent to 290.49 million shares, worth N4.29 billion, and traded in 2,900 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 128.49 million shares valued at N3.38 billion. FBN Holdings followed with 41.84 million shares worth N183.53 million, while Transnational Corporation of Nigeria (Transcorp) traded 32.85 million shares valued at N32.9 million.Access Bank traded 23.88 million shares valued at N162.67 million, while UACN sold 10.61 million shares worth N69.74 million.
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