Stock investors lose N426 billion amid rebound optimism
The bears strengthened hold on the Nigerian Stock Exchange (NSE), as more blue-chip stocks joined the league of losers, causing investors wealth to depreciate further by N426 billion.
At the close of yesterday, the All-Share Index (ASI) dropped by 814.15 absolute points, a 1.96 per cent fall to close at 40.696.01 points. The overall market capitalisation lost N426 billion to close at N21.290 trillion.
The market losses were driven by price depreciation in large and medium capital stocks including Fidson Healthcare, Chemical & Allied Products (CAP), Regency Alliance Insurance, Sovereign Trust Insurance, and Sunu Assurance.
Analysts at Afrinvest Limited said: “In the next trading session, we expect the equities market to close in the red. However, there is room for bargain hunting opportunities.”
Sentiment, as measured by market breadth, was negative, as 37 stocks declined, relative to 13 gainers. Niger Insurance recorded the highest price gain of 10 per cent, to close at 22 kobo, per share.
Champion Breweries followed with 9.82 per cent to close at N3.02, while Wapic Insurance rose by 7.41 per cent to close at 58 kobo.
Academy Press rose 6.06 per cent to close at 35 kobo, while Guinness Nigeria appreciated by 4.83 per cent to close at N20.60 kobo.
On the other hand, CAP, Sunu Assurance, eTranzact International, Fidson Healthcare, Regency Alliance Insurance, and Sovereign Trust Insurance led the losers’ chart by 10 per cent each, to close at N18, 81 kobo, N2.25, N5.40, 27 kobo, and 27 kobo, per share.
Mutual Benefit Assurance followed with 9.76 per cent to close at 37 kobo, and Linkage Assurance shed 9.09 per cent to close at 60 kobo.
However, the total volume traded increased by 19.9 per cent to 366.859 million units, valued at N5.483 billion, and exchanged in 5,718 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 43.742 million shares valued at N1.103 billion.
FBN Holdings (FBNH) followed with 40.029 million shares worth N289.261 million, while Guaranty Trust Bank traded 35.980 million shares valued at N1.168 billion.
Courteville Business Solutions traded 35.119 million shares at N7.024 million, and Transnational Corporation of Nigeria (Transcorp) transacted 23.739 million shares worth N23.228 million.
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