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Stock market extends losses by N5 billion

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Despite price gains that outweighed losses, the Nigerian Exchange Limited (NGX) extended negative sentiments to two consecutive sessions, as investors’ wealth declined further by N5 billion.

Yesterday, the All-Share Index (ASI) dropped by 11.12 absolute points, representing a decline of 0.03 per cent, to close at 38,791.03 points.

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Similarly, the overall market capitalisation dipped by N5 billion to close at N20.211 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Eterna, Zenith Bank, Vitafoam Nigeria, Pharma-Deko Plc, and United Bank for Africa (UBA).

Analysts predict a gloomy outlook barring any major corporate release to spur market activity.

Analysts at Afrinvest Limited stated that: “In the next trading session, we expect to sell pressure to persist as investors adjust their holdings in light of the Central Bank of Nigeria (CBN) halt of FX supply to bureau de change (BDC) operators.”

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Vetiva Dealings and Brokerage said: “We expect to see market trading in a similar pattern tomorrow barring any major corporate release to spur market activity.”

On the price movement chart, two stocks declined, while 18 appreciated at price. Capital Hotel recorded the highest price gain of 9.85 per cent to close at N2.90 kobo, while Oando followed with a gain 9.81 per cent to close at N5.26 kobo. BOC Gases Nigeria went up by 8.88 per cent to close at N9.20 kobo.
FTN Cocoa Processors rose by 8.16 per cent each to close at 53 kobo while Livestock Feeds gained 4.80 per cent to close at N2.40 kobo.

On the other hand, Consolidated Hallmark Insurance and Tripple GEE and Company led the losers’ chart with 10 per cent each to close at 54 kobo and 90 kobo, while Pharma-Deko followed with a decline of 9.92 per cent to close at N1.09 kobo.

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Regency Alliance Insurance lost 6.82 per cent to close at 41 kobo, while Eterna shed 6.58 per cent to close at N7.10, per share.

The total volume of trades fell by 2.3 per cent to 237.510 million units, valued at N1.883 billion, and exchanged in 4,305 deals. Transactions in the shares of Oando topped the activity chart with 44.290 million shares valued at N232.963 million. UBA followed with 19.647 million shares worth N150.748 million, while Wema Bank traded 14.242 million shares valued at N11.875 million.

Access Bank traded 13.291 million shares valued at N123.733 million, while Jaiz Bank transacted 12.296 million shares worth N7.584 million.

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