Market capitalisation declines by N153bn amid selloff in Nestle Nigeria
By Philemon Adedeji
Trading activities on the Nigerian Exchange Limited (NGX), closed yesterday on a bearish sentiments for the second day of the week, this caused market capitalisation to decline by N153 billion, the market’s weak performance was driven primarily by selloffs in NESTLE Nigeria (-0.43 per cent), Guaranty Trust Holding Company (GTCO) (-0.53 per cent), and STANBIC IBTC(-0.16 per cent) offsetting gains in MTNN (+0.04 per cent), ZENITH BANK (+0.88 per cent), and OANDO (+1.45 per cent).
The NGX All-Share Index (ASI) decreased by 107.39 basis points to represent 0.17 per cent to close at 64,928.98 basis points from 65,036.37 basis points it closed trade on Monday.
Consequently, the ASI’s year-to-date (YTD) return fell to 26.69 per cent and the market capitalization lost N153.30 billion to close at N35.36 trillion.
Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 10.48 per cent.
The trade volume decreased to of 280.47 million shares valued at N4.65 billion were exchanged in 6,296 deals.
TRANSCORP led the volume chart with 36.47 million units traded while MTNN (+0.04 per cent) led the value chart in deals worth N972.34 million.
Market breadth closed negative as 19 stocks constituted the gainers as against 31 stocks that declined on the laggard logs.
On the price gainer table, Tantalizer emerged as the highest price gainer with 10.00 per cent to close at N0.44 per share, followed by Ikeja Hotel which grew by 9.82 per cent to close at N3.13 per share, while Cornerstone Insurance grew by 9.30 per cent to close at N1.41 per share.
TIP which recorded as the last fourth gainer went up by 8.82 per cent to at N1.11 per share, while Linkages Assurance which emerged as the last fifth gainer appreciated by 8.33 per cent to close at N0.91 per share.
On the other hand, Eterna Oil led the loser with 9.86 per cent to close at N16.00 per share, Sunu Assurance which followed lost 9.62 per cent to close at N0.94 per share, while Omatek Venture suffered 8.11 per cent to close at N0.34 per share.
Unilever Nigeria which came as the last fourth loser went down by 7.05 per cent to close at N14.50 per share AIICO Insurance which came as the last fifth loser dipped by 5.63 per cent to close at N0.67 per share
Transaction in the shares of Transnational Corporation topped the activities chart with 36.469 million shares worth N147.502 million, United Bank for Africa which followed with a volume of 23.242 million shares valued at N325.416 million, while Access Corporation accounted 17.667 million shares value at N299.366 million
Sterling financial Holdings sold 15.973: million shares worth N57.498 million, while Japaulgold traded 11.398 million shares worth N11.015 million.
