The negative performance of the Nigerian stocks market, yesterday dragged investors’ investment down by N60 billion. The Nigerian Stock Exchange (NSE), All-Share- Index (NSE-ASI) shed 303.16 absolute points, representing a decline of 0.81 per cent to close at 36,963.70 points, while year-to-date loss rose to 3.35 per cent.
Also, the market capitalisation declined by N60 billion to close at N13.390 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, Okomu Oil, Stanbic IBTC Holdings, Lafarge Africa, International Breweries and Julius Berger.
Analysts at Afrinvest Limited noted that “despite the negative sentiment in the market, we anticipate a rebound in subsequent sessions as investors hunt for bargain opportunities. Our view is further buttressed by the Relative Strength Index (RSI) of 36.1 points which is close to the oversold region.”
Market breadth closed negative, with 14 gainers versus 33 losers. Sovereign Trust Insurance recorded the highest price gain of eight per cent, to close at 27 kobo per share. Wema Bank followed with a gain of 7.94 per cent to close at 68 kobo, while Japaul Oil and Maritime Services appreciated by 6.45 per cent to close at 31 kobo per share.
Mutual Benefits Assurance appreciated by 5.88 per cent to close at 36 kobo, while continental Reinsurance gained 3.45 per cent to close at N1.50 per share.
On the other hand, Capital Oil and Julius Berger led the losers’ chart by 10 per cent each, to close at 27 kobo and N24.30, while GlaxoSmithKline Consumer Nigeria followed with a loss of 9.97 per cent to close at N16.70, per share.
PZ Industries declined by 9.94 per cent to close at N15.40, while Consolidated Hallmark Insurance shed 9.68 per cent to close at 28 kobo per share.
Also, the total volume traded declined by 32.84 per cent to 203.80 million shares, worth N2.39 billion, and traded in 4,178 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 20.71 million shares valued at N26.56 million. Access Bank followed with 19.5 million shares worth N195.42 million, while Zenith Bank traded 15.42 million shares valued at N368.71 million.
Sovereign Trust Insurance traded 13.3 million shares valued at N3.5 million, while Custodian Investments transacted 12.67 million shares worth N69.38 million.
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