Stock market reverses previous gains as capitalisation plunges N13 billion
Following losses suffered by most bellwethers, the Nigerian Stock Exchange (NSE), reversed previous gain yesterday, as market capitalisation depreciated by N13 billion.
Precisely, the All Share Index (ASI) shed 25.71 absolute points, representing a decline of 0.10 per cent to close at 26,375.35 points. Similarly, the market capitalisation lost N13 billion to close at N12.839 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, MTN Nigeria, Guinness Nigeria, UACN Property Development Company, and Honeywell Flour Mills.
Analysts at Afrinvest Limited, said: “We believe the bearish momentum will be sustained in subsequent sessions as investors maintain a risk-off approach towards equities.”
However, market breadth closed positive, with 17 gainers versus nine losers. Law Union and Rock Insurance recorded the highest price gain of 9.52 per cent to close at 46 kobo per share.
Unity Bank followed with 9.43 per cent to close at 58 kobo, while Consolidated Hallmark Insurance rose 7.89 per cent to close at 41 kobo, per share.
Ecobank Transnational Incorporated (ETI) gained 7.69 per cent to close at N7.00, and FCMB Group 6.88 per cent to close at N1.71, per share.
On the other hand, UACN Property Development Company led the losers’ chart with 9.35 per cent to close at 97 kobo per share.
Honeywell Flour Mills followed with 5.77 per cent to close at 98 kobo, while Nestle Nigeria fell 4.16 per cent to close at N1, 150, per share.
Aiico Insurance lost 2.86 per cent to close at 68 kobo, and Guinness Nigeria shed 2.31 per cent to close at N23.30, per share.
Total volume traded also decreased by 17.36 per cent to 304.28 million shares worth N3.99 billion, traded in 3,091 deals.
Transactions in the shares of Law Union and Rock Insurance topped the activity chart with 70.4 million shares valued at N29.57 million. United Bank for Africa (UBA) followed with 51.83 million shares worth N335.44 million, while Zenith Bank traded 50.43 million shares at N877.05 million.
Guaranty Trust Bank traded 26.02 million shares at N678.03 million, while Guinness Nigeria transacted 18.82 million shares worth N438.58 million.
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