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Selloffs persist, as investors’ wealth plunge further by N181 billion

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Following massive selloffs in some bluechip stocks, transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened on a downtrend yesterday, causing investors’ wealth to plunge further by N181billion.  
 
Specifically, at the close of trading Monday, the All Share Index (ASI) decreased by 347.59 absolute points or 1.27 per cent to close at 27,041.03 points. Similarly, the market capitalisation lost N181billion to close at N14.087trillion.
   
The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Julius Berger, Nigerian Breweries, Guaranty Trust Bank, Cadbury Nigeria, and Zenith Bank.

 
Analysts at Afrinvest Limited anticipated a mixed performance in subsequent trading sessions, as investors are expected to position for dividends on one hand, and profit-taking on the other.
   
Commenting on market outlook, analysts at United Capital Plc, said: “Given that this week is the last week for companies that did not submit their unaudited results to submit audited results, we expect an increased influx of audited financial reports and possible dividend pronouncements, thus, providing incentives for investors to lock in positions in high dividend-yielding stocks.”
   
Also, Vetiva Capital Limited, said: “With no change to the drivers of activity in the fixed income space, we expect all segments to trade in a similar fashion in tomorrow’s session.”
   
Market breadth closed strongly negative, with five gainers versus 32 losers. Law Union and Rock Insurance recorded the highest price gain of 8.75 per cent to close at 80 kobo per share.
   
Linkage Assurance followed with 4.44 per cent to close at 45 kobo, while May and Baker Nigeria rose 2.67 per cent to close at N1.87, per share.
Sterling Bank gained 2.67 per cent to close at N1.50 per share. Vitafoam Nigeria rose 0.22 per cent to close at N4.51 per share.
 
On the other hand, Glaxo SmithKline Consumer Nigeria, NCR Nigeria, and BOC Gas Nigeria led the losers’ chart by 10 per cent each, to close at N4.50, N2.43, and N4.05 per share, respectively. Skyway Aviation Handing Company followed with 9.92 per cent to close at N2.36 per share.Cadbury Nigeria and Red Star Express fell 9.89 per cent each, to close at N8.20, and N4.01, per share, respectively.
   
The total volume traded increased by 1.8 per cent to 429.003 million shares worth N7.298billion, traded in 4,533 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 177.13 million shares valued at N4.79billion. FBN holdings followed with 60.097 million shares worth N329.46 million, while Zenith Bank traded 56.15 million shares at N1.09 billion. United Bank for Africa (UBA) traded 39.17 million shares valued at N267.21 million, while United Capital transacted 18.48 million shares worth N62.99 million.


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