Stock market sheds 0.04% as bears dominate trading
The Nigerian equities market extended its current losing streak to the third consecutive trading session, yesterday, as sell-offs in 21 stocks dragged the All-Share Index (ASI) further by 0.04 per cent.
The ASI depreciated by 12.48 absolute points, representing a decline of 0.04 per cent to close at 35,021.26 points. Similarly, the overall market capitalisation value declined by N7 billion to close at N18.304 trillion.
The downtrend was driven by price depreciation in medium and large capitalised stocks amongst which are; Ardova, Fidson Healthcare, Neimeth International Pharmaceuticals, Julius Berger and Champion Breweries.
Reacting to market performance, Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion said: “We expect the current trend to continue amid cautious trading, portfolio diversification and profit-taking, ahead of the seasonal trends, just as the market awaits inflow of funds from alternative investment and adjustment in Central Bank of Nigeria (CBN) policies. Behind this correction lies buy opportunities for discerning traders and investors.”
Market sentiment, as measured by market breadth, was negative, as 21 stocks declined, relative to 13 gainers. FTN Cocoa Processors recorded the highest price gain of 8.82 per cent, to close at 37 kobo. Union Diagnostic and Clinical Services followed with a gain of eight per cent to close at 27 kobo, while Chams rose by 4.76 per cent to close at 22 kobo.
Unity Bank went up by 4.69 per cent to close at 67 kobo, while Regency Alliance Insurance appreciated by 4.55 per cent to close at 23 kobo.
On the other hand, Royal Exchange led the losers’ chart by 8.70 per cent, to close at 21 kobo. Ardova followed with a decline of 8.65 per cent, to close at N13.20, while Mutual Benefits Assurance shed 8.33 per cent to close at 22 kobo.
Champion Breweries shed 8.16 per cent to close at 90 kobo, while Fidson Healthcare lost 7.79 per cent to close at N4.50.
The total volume traded fell by eight per cent to 283.091 million shares, worth N3.420 billion, and traded in 3,855 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 40.781 million shares valued at N285.724 million. Guaranty Trust Bank followed with 32.658 million shares worth N1.083 billion.
Aiico Insurance traded 30.096 million shares valued at N33.134 million. Zenith Bank traded 29.719 million shares valued at N698.088 million, while Mutual Benefits Assurance transacted 23.091 million shares worth N5.080 million.