Market extends losing streak as index dips further by 0.13%
The Nigerian Stock Exchange (NSE) extended losses to seven consecutive trading sessions, causing the All-Share Index (ASI) to depreciate further by 0.13 per cent.
Yesterday, the ASI dropped by 54.15 absolute points, representing a drop of 0.13 per cent to close at 41,510.16 points, while the overall market capitalisation value lost N28 billion to close at N21.716 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which were; Northern Nigeria Flour Mills (NNFM), NEM Insurance, Niger Insurance, Japaul Gold and Ventures, and Multiverse Mining and Exploration.
Analysts at Afrinvest Limited said: “In the next trading session, we expect to see investors take a position in bellwether stocks. However, trades might be influenced by the direction of yields in the fixed income market.”
Market sentiment closed at par, recording an equal number of 23 gainers and 23 losers. Champion Breweries, Linkage Assurance, Morison Industries, and R.T Briscoe Nigeria recorded the highest price gain of 10 per cent each, to close at N2.75, 66 kobo, 55 kobo and 22 kobo, respectively.
Wema Bank followed with a 7.69 per cent gain to close at 70 kobo, while Sovereign Trust Insurance went up by 7.14 per cent to close at 30 kobo.
On the other hand, NNFM led the losers’ chart by 9.94 per cent to close at N7.79, per share. NEM Insurance followed with a 9.20 per cent fall to close at N2.27, and Niger Insurance shed 9.09 per cent to close at 20 kobo, per share.
Japaul Gold and Ventures lost 8.86 per cent to close at 72 kobo, while Multiverse Mining and Exploration dipped 7.69 per cent to close at 24 kobo, per share.
Also, the total volume of trade fell by 10.1 per cent to 305.928 million units valued at N3.952 billion, exchanged in 4,969 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 47.763 million shares valued at N351.057 million. Guinness Nigeria followed with 37.245 million shares worth N732.329 million, while RT Briscoe traded 26.831 million shares valued at N5.899 million.
Zenith Bank traded 25.075 million shares at N651.002 million, and Sterling Bank transacted 19.998 million shares worth N38.151 million.