Negative sentiments persisted on the equities sector of the Nigerian Exchange Limited (NGX), as the All Share Index (ASI) declined further by 0.1 per cent, amid selloff in 21 stocks.
The domestic stock market yesterday maintained bearish position with a decline of N69 billion, driven by sell pressures on United Capital Plc and 20 others.
The ASI declined by 120.95 points, representing a loss of 0.12 per cent to close at 100,365.17 points. Also, market capitalisation lost N69 billion to close at N56.830 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst, which are; United Capital, Dangote Sugar Refinery, United Bank for Africa (UBA), NASCON Allied Industries and Access Holdings.
On market outlook, analysts at SCM Capital, said: “This week, we expect mixed sentiment to continue to dominate the market as investors remain on the side-lines sight on attractive yield in the fixed income market amidst the increase in MPR.
“However, we may see some bargain hunting in stocks with strong fundamentals as investors are likely to take positions ahead of H1-2024 earnings release and interim dividend expectations.”
Vetiva Dealings and Brokerage, said: “We anticipate further sell-side pressures across the market, amid pockets of demand in select names as investors react to their half-year performances.”
As measured by market breadth, market sentiment was negative, as 17 stocks gained relative to 21 losers. International Breweries and Sovereign Trust Insurance John Holt emerged the highest price gainer of 10 per cent each to close at N4.07 and 50 kobo respectively, while Deap Capital Management and Trust followed with a gain of 9.80 per cent to close at 56 kobo.
The Initiates Plc (TIP) rose by 7.50 per cent to close at N2.15, while FCMB Group appreciated by 5.26 per cent to close at N8.
On the other side, Secure Electronic Technology led others on the losers’ chart with 9.43 per cent to close at 48 kobo. R.T. Briscoe Nigeria followed with a decline of 8.22 per cent to close at 67 kobo, while UBA shed 5.07 per cent to close at N21.55 kobo.
Livestock Feeds lost 4.56 per cent to close at N2.30 kobo, while United Capital depreciated by 4.27 per cent to close at N37.
The total volume traded increased by 77.2 per cent to 497.843 million units, valued at N8.605 billion, and exchanged in 8,412 deals. Transactions in the shares of Veritas Kapital
Assurance led the activity with 22.505 million shares worth N23.026 million. United Capital followed with account of 20.854 million shares valued at N817.098 million, while Jaiz Bank traded 20.784 million shares valued at N45.110 million.
Access Holdings traded 20.4 million shares worth N394.316 million, while Prestige Assurance traded 16.812 million shares worth N8.586 million.
