Investors lose N61bn to maintain negative posture
By Kayode Tokede
The domestic equities market of the Nigerian Exchange Limited (NGX) on Thursday traded with bearish sentiments for the fourth straight session, as sell-offs in Dangote Cement and 18 others weighed down the bourse.
In summary, the All-Share Index (ASI) dropped by 116.96 basis points points, representing a decline of 0.30 per cent to close at 38,328.13 basis points, while the overall market capitalisation value lost N61 billion to close at N19.978 trillion.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Unilever Nigeria, Sterling Bank, GlaxoSmithKline Consumer Nigeria and United Bank for Africa (UBA).
The market sentiment, as measured by market breadth was negative, as 19 stocks declined, relative to 18 gainers. Trans Nationwide Express recorded the highest price gain of 9.88 per cent to close at 89 kobo, per share. Prestige Assurance followed with a gain 6.52 per cent to close at 49 kobo, while Chams went up by 4.76 per cent to close at 22 kobo, per share.
Sovereign Trust Insurance rose by 3.85 per cent to close at 27 kobo, while AIICO Insurance gained 3.20 per cent to close at N1.29, per share. On the other hand, SUNU Assurances led the losers’ chart by 9.62 per cent to close at 47 kobo, per share. Royal Exchange followed with a decline of 9.33 per cent to close at 68 kobo, while Regency Alliance Insurance lost 8.11 per cent to close at 34 kobo, per share.
Sterling Bank lost 7.69 per cent to close at N1.56, while Linkage Assurance shed 7.69 per cent to close at 60 kobo, per share.
The total volume of trades increased by 2.4 per cent to 157.261 million units, valued at N1.74 billion, and exchanged in 2,824 deals. Transactions in the shares of Zenith Bank topped the activity chart with 27.566 million shares valued at N634.191 million. Access Bank followed with 19.625 million shares worth N161.761 million, while FBN Holdings (FBNH) traded 13.489 million shares valued at N96.886 million.
Guaranty Trust Bank traded 11.939 million shares valued at N352.256 million, while Veritas Kapital Assurance transacted 10.479 million shares worth N2.096 million.
Analysts at United Capital Plc said that, “The market remains weak as investors continue to show apathy towards equities with the yield environment still reversing higher.
“Looking ahead, we expect some short term rebound as sellers lose momentum but maintain an overall lukewarm bias towards the Nigerian equities market.”
