Negative sentiments persist in stock market as index dips further by 0.1%

Negative sentiments persisted on the Nigerian stock market yesterday as all-share index (ASI) dipped further by 0.1 per cent. The index lost 99.24 points, representing a loss of 0.1 per cent to close at 97,100.36 points. Also, market capitalisation declined by N56 billion to close at N55.132 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Oando, Dangote Sugar Refinery, Ecobank Transnational Incorporated (ETI), Nigerian Breweries and FBN Holdings.

Analysts at Vetiva Dealings and Brokerage said: “We expect the prevailing sentiment in the market to persist, while investor digest the latest inflation numbers for July; consumer prices saw a bit of respite as headline inflation fell to 33.40 per cent Year on Year.”

As measured by market breadth, market sentiment was negative, as 14 stocks gained relative to 31 losers. Neimeth International Pharmaceuticals emerged the highest price gainer of 9.55 per cent to close at N2.18 kobo.

TotalEnergies Marketing Nigeria followed with a gain of 8.82 per cent to close at N511.90, while AIICO Insurance advanced by 6.54 per cent to close at N1.14 kobo.

C & I Leasing rose by 6.07 per cent to close at N2.97, while UPDC gained by 4.92 per cent to close at N1.28 kobo. On the other side, Oando led others on the losers’ chart with 9.94 per cent to close at N32.60, while ABC Transport followed with a decline of 9.52 per cent to close at 76 kobo.

Guinea Insurance and Livestock Feeds shed 9.09 per cent each to close at 40 kobo and N2.20 kobo respectively, while CWG dropped by 7.69 per cent to close at N5.40 kobo.

The total volume of trades decreased by 13.97 per cent to 271.260 million units, valued at N3.523 billion, and exchanged in 7,233 deals. Transactions in the shares of Veritas Kapital Assurance led the activity with 33.383 million shares worth N40.732 million. Sterling Financial Holdings Company followed with account of 16.648 million shares valued at N65.864 million, while AIICO Insurance traded 16.368 million shares valued at N18.317 million.

R.T. Briscoe Nigeria traded 16.168 million shares worth N28.557 million, while Guaranty Trust Holding Company (GTCO) traded 15.935 million shares worth N725.234 million.