Sell-off persists as investors’ wealth dips further by N11 billion
Sell-off in many shares persisted on the equities sector of the Nigerian Exchange Limited (NGX) as blue-chip stocks depreciated in price, resulting in a further slide in market capitalisation by N11 billion.
Specifically, the market capitalisation of listed equities declined by 0.05 per cent to close at N20.242 trillion yesterday, from N20.253 trillion reported the previous day.
Similarly, the All-Share Index also depreciated by 21.16 basis points to 38852.69 points from 38873.85 points traded on Tuesday.
Vetiva Dealings and Brokerage said: “We expect the market to trade in a similar pattern tomorrow, as investors continue to buy up attractive counters while taking profit on previous gainers.
Afrinvest said: “In the next trading session, we do not anticipate a reversal of the bearish performance as the market remains short of positive catalysts.”
Investors exchanged 155.773 million shares valued at N1.510 billion in 3256 deals against 184.442 million shares worth N2.343 billion shares in 3809 deals.
On the price movement chart, 17 stocks depreciated in price while 13 constituted the gainers’ chart.
Veritas Kapital topped the losers’ chart, shedding 8.70 per cent to close at 21 kobo. United Capital trailed with a loss of five per cent to close at N8.55 kobo. Chams Plc shed 4.55 per cent to close at 21 kobo. Access Bank fell by 3.37 per cent to N8.60 kobo while Japaul Gold declined by 2.13 per cent to close at 40 kobo.
Other losers of yesterday’s transactions include Cutix, Vitafoam and Jaiz Bank, shedding 2.08 per cent, 1.96 per cent and 1.75 per cent to close at N4.70 kobo, N17.50 kobo and 56 kobo. TransNational Corporation also depreciated by 1.08 per cent to close at 92 kobo.
On the other hand, Transacorp Hotel emerged as the highest price gainer, adding 10.00 per cent to close at N4.95 kobo while Pharma Deko followed with a gain of 9.88 per cent to close at N1.78 kobo. Conoil garnered 9.84 per cent to N24.55 kobo. Cornerstone Insurance gained 8.16 per cent to 53 kobo. NEM Insurance also appreciated by 5.26 per cent to close at N2.
The result further showed that Universal Insurance was the toast of investors during the day, exchanging 19.040 million shares valued at N3.808 billion, United Bank for Africa followed with an account of 18.778 million shares valued at N143.097 million, Zenith Bank traded 11.757 million shares worth N268.830 million, GTCO exchanged 10.015 million shares worth N271.262 million while United Capital sold a total of 8.519 million shares valued at N74.569 million.