Renew sell pressure hits stock market as investors lose N287b
Following renewed profit taking, transactions on the Nigerian Stock Exchange (NSE) closed on a downward note, as investors lost N287 billion yesterday after four consecutive trading days of consistent gains.
At the close of transactions yesterday, the All Share Index (ASI) shed 787.85 absolute points, representing a dip of 2.37 per cent to close at 33,191.45 points.
Similarly, the market capitalisation shed N287 billion at N11.830 trillion.
Analysts attributed the significant loss to profit taking by investors. According to them, investors leveraged the capital appreciation recorded in the past few days to recoup their investment.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigerian, Dangote Cement, Unilever Nigeria, Flourmill Nigeria and FBN Holdings.
Analysts at Afrinvest Limited stated that “we expect a rebound today, although we opine that bearish sentiments remain elevated over the near term.”
However, market breadth closed positive with 17 gainers as against 16 losers. Diamond Bank recorded the highest price gain of 9.45 per cent, to close at N1.39, while Law Union and Rock Insurance and Niger Insurance followed with a gain of 7.96 per cent each, to close at 56 kobo and 28 kobo, per share, respectively.
Wapic Insurance appreciated by 7.32 per cent to close at 44 kobo, while Fidelity Bank went up by 5.13 per cent to close at N2.05 per share.
On the other hand, McNichols led the losers’ chart by 10 per cent, to close at 4d kobo per share. Trans Nationwide Express followed with a decline 8.45 per cent to close at 65 kobo, while Redstar Express depreciated by 7.61 per cent to close at N4.25 per share.
Dangote Cement declined by 6.76 per cent to close at N200, while Lasaco Assurance down by 6.67 per cent to close at 28 kobo per share.
Investors traded a total share volume of 380.97 million valued at N2.33 billion in 3,278 deals. FCMB Groups traded with 142.7 million shares valued at N222.12 million. Access Bank followed with 90.8 million shares worth N726.3 million, while Transnational Corporation of Nigeria (Transcorp) traded 16.35 million shares valued at N22.04 million.
Regency Alliance Insurance traded 16.34 million shares valued at N3.27 million, while Sterling Bank transacted 14.11 million shares worth N21.17 million.
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