Investors Lose N170bn To Bearish Pressure On Stock Market

The Nigerian stock market reversed course yesterday, with the overall capitalisation declining by N170 billion.

The All-Share Index declined by 265.08 per cent, representing a loss of 0.10 per cent, to close at 252,243.11 points. Similarly, the overall market capitalisation value shed N170 billion to close at N 161.669 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Stanbic IBTC Holdings, Zichis Agro Allied Industry, Wema Bank, Meyer and The Initiates Plc (TIP).

On market outlook, Cowry Assets Management Limited said, “the market is expected to face continued mild headwinds as tepid investor participation and an unconvincing breadth of activity point to a sustained pullback.”

However, market breadth was positive with 37 gainers against 27 losers. Learn Africa recorded the highest price gain of 10 per cent to close at N9.90, per share. Fidson Healthcare followed with a gain of 9.97 per cent to close at N124.60, while Austin Laz & Company appreciated by 9.95 per cent to close at N4.09, per share.

Berger Paints appreciated by 9.92 per cent to close at N154.00, while DEAP Capital Management & Trust rose by 9.90 per cent to close at N5.77, per share.

On the other hand, Zichis Agro Allied Industry led the losers’ chart by 9.99 per cent to close at N32.69, per share. FTN Cocoa Processors followed with a decline of 9.87 per cent to close at N9.95, while Meyer lost 9.83 per cent to close at N21.55, per share.

RT Briscoe declined by 9.41 per cent to close at N15.40, while Neimeth International Pharmaceuticals down by 7.44 per cent to close at N9.95, per share.

The total volume traded declined by 45.06 per cent to 1.040 billion units, valued at N41.641 billion, and exchanged in 74,822 deals. Transactions in the shares of Chams Holding Company topped the activity chart with 127.938 million shares valued at N501.177 million. VFD Group followed with 107.058 million shares worth N1.167 billion, while First Holdco traded 75.639 million shares valued at N5.392 billion.