Lafarge Africa, 47 Others Drag Stock Market Down By N623bn

The Nigerian stock market yesterday sustained a bearish trend with a N623 billion loss, driven by selloffs in Lafarge Africa Plc and 47 others.

The All Share Index (ASI) lost 984.55 points, representing a 0.70 per cent decline to close at 138,737.64 points. Market capitalisation shed N623 billion to close at N87.784 trillion.

The downturn was impacted by losses recorded in medium—and large-capitalised stocks, including Lafarge Africa, Cadbury Nigeria, PZ Cussons Nigeria, Vitafoam Nigeria, and Dangote Sugar Refinery.

On market outlook, Afrinvest Limited said, “We expect a cautious trading session as lingering profit-taking and weak investor sentiment exert pressure on key sectors, likely extending the market’s downward trend.”

As measured by market breadth, investor sentiment closed negative as 11 stocks advanced, while 48 declined. NCR Nigeria recorded the highest price gain, 9.96 per cent, to close at N12.70 per share.

Austin Laz & Company followed with a gain of 9.66 per cent to close at N3.18, while Tantalizer rose by 6.09 per cent to close at N2.44 per share.

Multiverse Mining & Exploration rose by 5.50 per cent to close at N11.50, while Deap Capital Management & Trust rose by 4.68 per cent to close at N1.79 per share.

On the other hand, AIICO Insurance, Prestige Assurance, Wema Bank, and Consolidated Hallmark Holdings led the losers’ chart by 10.00 per cent each to close at N3.42, N1.62, N20.70, and N3.87 per share, respectively.

Ellah Lakes followed with a decline of 9.93 per cent to close at N11.43, while PZ Cussons Nigeria shed 9.89 per cent to close at N33.25 per share.

Also, the total volume traded fell by 0.84 per cent to 407.569 million units, valued at N39.873 billion, and exchanged in 31,406 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 32.612 million shares valued at N3.023 billion. Access Holdings followed with 29.780 million shares worth N775.274 million, while AIICO Insurance traded 21.807 million shares valued at N76.632 million.

Ellah Lakes traded 20.536 million shares valued at N235.874 million, while Sovereign Trust Insurance sold 20.414 million shares worth N56.521 million.