Nigerian stock market sheds N12bn to reverses gains

Chill in Nigeria stock market as investors lose N340bn in one day

Nigerian stock market sheds N12bn to reverses gains


 

 

Transactions on the Nigerian Exchange (NGX) closed on a downturn yesterday, occasioned by sell pressure in most blue-chip stocks, causing the All-Share Index (ASI) to decline by 0.06 per cent.

Specifically, market capitalisation of listed equities decreased by N12 billion to N20.022 trillion from N20.034 trillion recorded on Monday. The ASI also depreciated by 23.51 points or 0.06 per cent to 38414.37 points from 38437.88.

Investors exchanged 274.852 million shares valued at N2.632 billion in 4159 deals against 201.857 million shares worth N2.119 billion exchanged hands in 3827 deals.

Analysts at Vetiva Dealings and Brokerage said: “We foresee another mixed session tomorrow, as investors continue to bide their time in the equity market. Also, we expect market turnover to remain sluggish, given the lack of suitable catalysts to boost activity.”

Afrinvest Limited said: “In the next trading session, we expect market performance to remain tepid, due to absence of positive drivers.”

As measured by market breadth, market sentiment was positive, as 18 stocks gained, relative to 17 decliners. A breakdown of activities yesterday, showed that Morrison Industries led gainers’ chart with 9.57 per cent to close at N1.03 kobo while Wapic Insurance followed with a gain of 9.43 per cent to close at N0.58 kobo. UPL gained 9.40 per cent to close at N1.28 kobo.

Chi Plc added 9.09 per cent to close at N0.72 kobo. Regal Insurance increased by 8.89 per cent to close at N0.49 kobo. On the contrary, Champion Breweries topped losers’ chart during the day, shedding 9.91 per cent to close at N1.91 kobo.

Johnholt trailed with a loss of 7.94 per cent to close at N0.58 kobo. Africa Prudential Plc fell by 7.26 per cent to close at N5.75 kobo.

Honey Well Flour Mills down by 6.61 per cent to close at N1.13 kobo while Chams Plc dipped by 4.76 per cent to close at N0.20 kobo.

The result further showed that United Capital PLC was the most active stock during the day, exchanging 23.973 million shares valued at N143.661 million.

Veritas Capital followed with account of 23.116 million shares cost N4.623 million, Eterna Plc traded 21.574 million shares valued at N163.978 million, Zenith Bank exchanged 20.475 million shares cost N470.701 million while Transnational Corporation of Nigeria (Transcorp) sold a total of 16.485 million shares cost N14.642 million.