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Sustained sell pressure drags capitalisation further by N232b

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Building of the Nigerian Stock Exchange (NSE). PHOTO: AYODELE ADENIRAN

Following sustained sell pressure in most bluechip stocks, trading on the equity sector of the Nigerian Stock Exchange (NSE) continued on a downturn yesterday, causing market capitalisation to decline further by N232 billion.

The All-Share Index (ASI) shed 440.00 absolute points, representing a decline of 1.27 per cent to close at 34,577.26 points. Similarly, the overall market capitalisation value also declined by N232 billion to close at N18.072 trillion.

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The down trend was also driven by price depreciation in medium and large capitalised stocks amongst which are; Lafarge Africa, Guinness Nigeria, Zenith Bank, Dangote Sugar Refinery, and MTN Nigeria Communications (MTNN).

Analysts at United Capital Plc said that “The weakening investor sentiment remains largely in line with our expectations as our technical charts continue to view the market as overbought.

“That said, we think investors will continue to maintain a cautious approach to investing in the absence of any major positive catalyst. As a result, we anticipate further bearish proceedings for the rest of the week.”

Market sentiment, as measured by its breadth, was strongly negative, as 40 stocks declined, relative to six gainers.

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Okomu Oil recorded the highest price gain of 10 per cent, to close at N88.00 kobo. Mutual Benefits Assurance followed with a gain 9.09 per cent to close at 24 kobo. FTN Cocoa Processors rose by 8.11 per cent to close at 40 kobo.

Union Diagnostic and Clinical Services went up by 7.41 per cent to close at 29 kobo, while GlaxoSmithKline Consumer Nigeria appreciated by 1.52 per cent to close at N6.70 kobo.

On the other hand, FBN Holdings (FBNH), Lafarge Africa and University Press led the losers’ chart by 10 per cent each, to close at N6.30, N20.25 and 1.26 kobo. Portland Paints and Products Nigeria followed with a decline of 9.96 per cent to close at N2.35, while Northern Nigeria Flour Mills (NNFM) declined by 9.88 per cent to close at N6.20 kobo.

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However, the total volume of trades increased by 95.7 per cent to 553.95 million units, valued at N6.639 billion and exchanged in 6,441 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 87.017 million shares valued at N2.826 billion.

Zenith Bank followed with 65.042 million shares worth N1.456 billion, while Transnational Corporation of Nigeria (Transcorp) traded 52.478 million shares valued at N46.082 million.

Regency Alliance Insurance traded 46.606 million shares valued at N9.77 million, while FBNH transacted 43.154 million shares worth N280.179 million.

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