Sell-offs in bellwethers pull market indices, shed N103b
Following sell-offs in high cap stocks, transactions on the Nigerian Stock Exchange (NSE), continued southward yesterday, resulting to a further decline in market capitalisation by N103 billion.
Also, the All Share Index (ASI) fell by 210.98 points or 0.79 per cent to 26,598.94 points. Accordingly, investors lost N103 billion in value as market capitalisation declined to N12.948 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, Dangote Cement, Guinness Nigeria, Nigerian Breweries, and Presco.The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion, said: “The market continued on a down trend as its benchmark All-Share index extended its seventh trading session of back-to-back losses on negative sentiments and selloffs, as revealed by trade patterns and Investdata’s sentiment report. However, the loss momentum was seemingly slower in pace.”
But he expects the mixed trend and patterns to reduce selloffs, as bargain hunters take advantage of the pull-back to position ahead of quarterly scorecards, especially now that the NSE-ASI recently tested a new low and rebounded same day, a good sign of imminent reversal if supported by positive sentiments, while the interplay of market forces determine direction.
Market breadth closed negative, with 12 gainers versus 15 losers. Learn Africa recorded the highest price gain of 9.80 per cent to close at N1.12, while Chams, and Cornerstone Insurance followed with 8.33 per cent each, to close at 26 kobo, and 39 kobo, respectively, per share.
Jaiz Bank rose 4.26 per cent to close at 49 kobo, and Access Bank by 2.80 per cent to close at N7.35, per share. On the other hand, PZ Cussons Nigeria led the losers’ chart with 10 per cent to close at N6.30 per share.NCR Nigeria followed with 9.09 per cent to close at N4.50, and Guinness Nigeria 7.69 to close at N30, per share.United Capital lost 6.98 per cent to close at N2.00, while Neimeth International Pharmaceuticals shed 6.52 per cent to close at 43 kobo, per share.
However, the total volume traded rose by 30.4 per cent to 591.04 million shares worth N7.398 billion, traded in 2,907 deals. Transactions in the shares of Custodian Investment topped the activity chart with 348.05 million shares valued at N2.52 billion.ccess Bank followed with 52.58 million shares worth N383.44 million, while Lafarge Africa traded 28.15 million shares valued at N450.35 million.Guaranty Trust Bank traded 21.84 million shares at N583.12 million, while Guinness Nigeria transacted 20.23 million shares worth N607.01 million.