Nation’s bourse extends loss streak, as index sheds N20 billion
Specifically, the All Share Index (ASI) fell by 41.45 points or 0.16 per cent to 26,472.20 points. Accordingly, investors lost N20 billion in value as market capitalisation fell to N12.887 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Stanbic IBTC Holdings, Lafarge Africa, MTN Nigeria, Ecobank Transnational Incorporated (ETI), and Sterling Bank.
On the market performance, Chief Research Officer, Investdata, Ambrose Omodion, linked the persistent volatility in the stock market to lack of liquidity.
We expect the mixed performance to continue as early filers like Guaranty Trust Bank released its result, and others start hitting the market with their third quarter (Q3) numbers.
“We expect the mixed performance to continue as early filers start hitting the market with their Q3 numbers. As the market records new lows, many equities offer value to bargain hunters and investors opportunities for medium-to-long-term repositioning.
“There are opportunities to buy stocks with good fundamentals, thereby positioning for year-end rewards like dividend income and possible capital appreciation with Q3 numbers given an insight into the companies’ position and future expectation.”
However, market breadth closed positive, with 13 gainers versus 11 losers. Law Union & Rock Insurance recorded the highest price gain of 9.09 per cent to close at 48 kobo per share. Livestock Feeds followed with 6.38 per cent to close at 50 kobo.
Courteville Business Solutions gained five per cent to close at 21 kobo, per share. Dangote Flour Mills rose 3.34 per cent to close at N23.20, and Africa Prudential 2.56 per cent to close at N4.00, per share.
On the other hand, Wapic Insurance led the losers’ chart with 8.57 per cent to close at 32 kobo, per share. Chams followed with 8.33 per cent to close at 22 kobo.
Sterling Bank fell 7.69 per cent to close at N1.80, per share. Lafarge Africa shed 4.06 per cent to close at N15.35, and ETI 2.78 per cent to close at N7.00, per share.
Also, total volume traded depreciated by 20.61 per cent to 138.47 million shares worth N3.60 billion, traded in 2,487 deals. Transactions in the shares of Access Bank topped the activity chart with 20.72 million shares valued at N153.36 million.
Global Spectrum Energy Services followed with 20.02 million shares worth N94.09 million, while Zenith Bank traded 14.88 million shares valued at N266.4 million.
Transnational Corporation of Nigeria (Transcorp) traded 14.36 million shares at N14.64 million, and FBN Holdings sold 10.87 million shares worth N58.32 million.
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