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Sell-offs in bellwethers pull market indices further by N2bn

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Following sell-offs in high cap stocks, transactions at the Nigerian Stock Exchange (NSE), continued southward Tuesday, resulting to a further fall in market capitalisation by N2 billion.
   
Yesterday, the All-Share Index (ASI) contracted by 3.86 absolute points or 0.02 per cent to close at 24,750.06 points. Similarly, the overall market capitalisation shed N2 billion to close at N12.911 trillion.
   
The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Dangote Sugar Refinery, Nigerian Breweries, PZ Cussons Nigeria, Ecobank Transnational Incorporated (ETI), and Lafarge Africa.

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Analysts at Afrinvest Limited, said: “We continue to see sell pressures dominate the market as investor sentiment remains weak. Nonetheless, we maintain our mixed performance outlook for the week.”
   
The market breadth closed negative, recording nine gainers against 23 losers. UACN Property Development Company recorded the highest price gain of 7.69 per cent to close at 98 kobo per share.    
 
Transnational Corporation of Nigeria (Transcorp) followed with 2.86 per cent to close at 72 kobo, while Oando gained 2.04 per cent to close at N2.50, per share.
   
MTN Nigeria Communication (MTNN) rose 1.64 per cent to close at N118.00, and Flour Mills of Nigeria edged up 1.52 per cent to close at N20.00, per share.
 
On the other hand, Unity Bank led the losers’ chart by 10 per cent to close at 54 kobo per share. Dangote Sugar Refinery followed with a decline of 9.85 per cent to close at N11.90, and Ikeja Hotel shed 9.57 per cent to close at N1.04, per share.
   
Neimeth International Pharmaceuticals fell 9.35 per cent to close at N1.26, and Chams Plc shed 8.70 per cent to close at 21 kobo, per share.
 
However, the total volume of trade rose by 34.7 per cent to 167.949 million units valued at N1.548 billion exchanged in 3,784 deals.  
Transactions in the shares of Japaul Oil and Maritime Service topped the activity chart with 25.012 million shares at N6.652 million.  
 
FBN Holdings (FBNH) followed with 12.053 million shares worth N63.238 million, and Guaranty Trust Bank traded 11.171 million shares valued at N253.462 million.
   
FCMB Groups traded 10.763 million shares at N19.356 million, while United Bank for Africa (UBA) transacted 9.746 million shares worth N61.704 million.

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