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Volatility persists as stock market plunges further by N62 billion


Nigerian Stock Exchange (NSE)

Sustained negative sentiment on the trading floor of the Nigerian Stock Exchange (NSE) yesterday pulled market capitalisation further by N62 billion, as equities extended previous day’s losses.

At the close of transactions yesterday, the All -Share Index (ASI) shed 165.53 absolute points, representing a dip of 0.53 per cent to close at 31,178.71 points. Similarly, the market capitalisation shed N62 billion to close at N11.627 trillion.

The decline was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Zenith Bank, Guaranty Trust Bank, Access Bank and Dangote Sugar.

Analysts at Cordros Capital said: “Our outlook for equities in the near-to-medium term remains conservative, in the absence of a near term positive catalyst and amidst brewing political concerns.”

Also, analysts at Afrinvest Limited anticipated further profit taking in market bellwethers in subsequent sessions.Market breadth was negative with 14 gainers as against 30 losers. Red Star Express recorded the highest price gain of 10 per cent, to close at N5.50 per share.

UAC Property Development Company followed with a gain of 9.55 per cent, to close at N1.72, while Wapic Insurance rose by 7.69 per cent to close at 42 kobo, per share. PZ Industries appreciated by 7.52 per cent to close at N12.15, while Associated Bus Company went up by 6.90 per cent to close at 31 kobo per share.

On the other hand, Academy Press and Neimeth International Pharmaceuticals led the losers’ chart by 10 per cent, each to close at 45 kobo and 63 kobo, respectively, while Linkage Assurance followed with a decline 9.68 per cent to close at 56 kobo, per share.

Ikeja Hotel declined by 9.52 per cent to close at N1.52, while Veritas Kapital Assurance down by 8.33 per cent to close at 22 kobo per share.

Meanwhile, total volume increased by 61.44 per cent to 359.51 million units, valued at N1.91 billion respectively, and exchanged in 3,773 deals. Consolidated Hallmark Insurance traded with 100.41 million shares valued at N31.12 million. United Bank for Africa (UBA) followed with 48.84 million shares worth N354.75 million.

Sterling Bank traded 30.15 million shares valued at N66.16 million.Diamond Bank traded 24.03 million shares valued at N55.59 million, while Red Star Express transacted 20.73 million shares worth N109.02 million.

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