Sell-off in 16 stocks drag indices by 0.02 per cent

Sell-off in I6 stocks triggered a reversal on the previous trading session’s gain yesterday, as the Nigerian Exchange (NGX) All-share index (ASI) depreciated by 0.02 per cent.

At the close of transactions yesterday, the market capitalisation of listed equities declined by 0.02 per cent to N19.729 trillion from N19.732 trillion reported on Wednesday. Similarly, the ASI depreciated by 5.65 basis points to 37866.90 points from 37872.55 points reported the previous day.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are, Nigerian Breweries, Vitafoam Nigeria, Dangote Sugar Refinery, Guaranty Trust Bank Holding Company (GTCO) and Ikeja Hotel.

Analysts at Vetiva Dealing and Brokerage firm said: “ It was a largely quiet session with turnover printing below the ₦1 billion marks, signifying depressed investors’ sentiment.

“We anticipate a mixed session as investors begin to strategically position in names that they expect to deliver impressive half-year result while turnover is also expected to improve.

Investors exchanged 159.996 million shares valued at N927.858 million in 3038 deals, against 197.231 million shares cost N2.139 billion in 3610 deals.

Sovereign Trust Bank Plc led the gainers’ table, appreciating by 10 per cent to close at N0.33 kobo while FTN Cocoa followed with a gain of 9.76 per cent to close at N0.45 kobo.

CWG added 9.65 per cent to close at N1.25 kobo while AIICO gained 9.52 per cent to close at N1.15 kobo, Redstarex added 8.04 per cent to close at N3.36 kobo.

On the contrary, Ikeja Hotel topped the losers’ chart, declining by 9.29 per cent to close at N1.27 kobo while UDPC trailed with a loss of 9.09 per cent to N1.30 kobo. Wapic Insurance was down by 8.47 per cent to close at N0.54 kobo. UPL declined by 7.24 per cent to close at N1.41 kobo. Unity Bank also fell by 6.35 per cent to close at N0.59 kobo.

On the activity chart, Sovereign Trust Bank was the most active stock during the day, exchanging 14.947 million shares valued at N4.754 million. Fidelity Bank followed with 13.481 million shares cost N32.158 million. Wapic Insurance traded 11.955 million shares worth N6.496 million, UDPC exchanged 11.244 million shares cost N15.264 million while Courteville Business Solution sold a total of 9.810 million shares cost N2.168 million.