Selloff in NB, 37 other stocks drags capitalisation by N111 billion

Transactions on the equities sector of the Nigerian Exchange Limited (NGX) continued on a downturn, yesterday, as selloff in Nigerian Breweries, Cadbury and others dragged market capitalisation by N111 billion.

At the close of transaction, the all-share index shed by 204.25 per cent, representing a loss of 0.31 per cent, to close at 65,482.91 points. Similarly, the overall market capitalisation value lost N111 billion to close at N35.635 trillion.

The downturn was impacted by price depreciation in large and medium capitalised stocks amongst which are: Nigerian Breweries, Cadbury, GTCO and FBN Holdings.

Analysts at Afrinvest Limited, stated: “In the last trading session, we expect the bearish performance would continue in the absence of positive catalyst.”

Vetiva Dealing and Brokerage said: “In the absence of any significant decline in the heavy-weight counters tomorrow, we anticipate a positive weekly close supported by the gains recorded earlier in the week.”

Also, market breadth was negative, as 38 stocks lost relative to 14 gainers. Lasaco Assurance recorded the highest price gain of 10 per cent to close at N2.09 kobo. Multiverse Mining and Exploration followed with a gain of 9.96 per cent to close at N2.98 kobo while Skyway Aviation Handling Company rose by 9.91 per cent to close at N23.30 kobo.

R.T. Briscoe Nigeria rose by six per cent to close at 53 kobo, while Chemical and Allied Products (CAP) gained 5.26 per cent to close at N22.

Total gained 4.05 per cent to close at N385. Nigerian Aviation Handling Company (NAHCO) appreciated by 3.88 per cent to close at N18.75 kobo. NGX Group advanced by 3.77 per cent to close at N27.50 kobo.

Ecobank TransNational Incorporated (ETI) gained 3.34 per cent to close at N17. Jaiz Bank rose by 3.16 per cent to close at N1.96 kobo. Oando appreciated by 2.69 per cent to close at N5.34 kobo. AccessCorp garnered 1.17 per cent to close at N17.35 kobo. Fidelity Bank also advanced by 58 per cent to close at N8.60 kobo.

On the other hand, Japaul Gold & Ventures led the losers’ chart by 9.91 per cent to close at N1. Cadbury Nigeria followed with a decline of 9.8 per cent to close at N13.80 kobo while FTN Cocoa Processors lost 9.40 per cent to close at N2.41 kobo.

Neimeth International Pharmaceuticals declined 9.34 per cent to close at N1.65 kobo while Courteville Business Solutions shed 9.09 per cent to close at 60 kobo.

Unity Bank fell by 8.23 per cent to close at N1.45 kobo. Sterling Bank lost 8.11 per cent to close at N3.40 kobo. UPDC REIT shed 7.89 per cent to close at N3.50 kobo.

Academy Press depreciated by 7.17 per cent to close at N2.20 kobo. Cornerstone Insurance dropped 6.32 per cent to close at 89 kobo. African Prudential declined by 6.15 per cent to close at N6.10 kobo. Nigerian Breweries dropped 4.76 per cent to close at N40.

The total volume of trade rose by 1.76 per cent to 509.25 million units, valued at N4.8 billion, and exchanged in 8,070 deals. Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 115.698 million shares valued at N129.72 million.

United Bank for Africa (UBA) followed with 40.43 million shares worth N595.92 million, while Transnational Corporation (Transcorp) traded 37.5 million shares valued at N133.5 million.

FCMB Group traded 34.99 million shares valued at N237.69 million, while Fidelity Bank transacted 31.85 million shares worth N271.17 million.