Portland Paints, BUA, others lead market loss

The Nigerian Exchange Limited (NGX) extended losses to two consecutive sessions, yesterday, as more blue-chip stocks, including Portland Paints and Products and BUA Cement, depreciated, resulting in a further decline in the All-Share Index (ASI) by 0.72 per cent.

The all-share index (ASI) dropped by 283.95 absolute points, representing a decline of 0.72 per cent to close at 39,022.52 points while the overall market capitalisation depreciated by N148 billion to close at N20.339 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Cement, Portland Paints & Products Nigeria, SCOA Nigeria, FBN Holdings and Zenith Bank.

On market performance, analysts at Afrinvest Limited said: “We expect the performance at the local bourse to remain bearish in the coming trading session due to absence of the positive catalyst.”

Vetiva Dealing & Brokerage said: “With sentiment in the market continuing to deteriorate, we expect market performance to remain in negative territory. However, we do anticipate some investors will cherry-pick some beaten-down stocks.”

Market sentiment, as measured by market breadth, closed negative as 16 stocks gained while 22 others depreciated.

Associated Bus Company and The Initiates Plc recorded the highest price gain of 10 per cent each to close at 44 kobo each, while Eterna followed with a gain of 9.93 per cent to close at N7.97 kobo.

Transcorp Hotels appreciated by 9.85 per cent to close at N3.57 kobo while Wema Bank gained 5.45 per cent to close at 58 kobo. On the other hand, Portland Paints & Products Nigeria led the losers’ chart by 9.85 per cent to close at N2.47 kobo. Champion Breweries followed with a decline of 9.68 per cent to close at N1.96, while SCOA Nigeria shed 9.30 per cent to close at N1.95 kobo.

Regency Alliance Insurance shed 8.11 per cent to close at 34 kobo, while SUNU Assurances depreciated by 7.41 per cent to close at 50 kobo.

The total volume of trades decreased by 42.8 per cent to 204.647 million units, valued at N1.84 billion, and exchanged in 3,940 deals.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 27.122 million shares valued at N5.465 million. Fidelity Bank followed with 23.406 million shares worth N54.207 million, while Zenith Bank traded 18.545 million shares valued at N435.532 million.

Access Bank traded 11.499 million shares valued at N94.606 million while Transnational Corporation of Nigeria (Transcorp) transacted 10.906 million shares worth N9.598 million.