Midweek Sell-off Wipes N1.76trn Off Stock Market

The domestic equities market extended its losing streak for a second day, as the overall capitalisation declined by N1.762 trillion.

The All-Share Index (ASI) lost 2,756.48 points, representing a decline of 1.12 per cent to close at 243,967.09 points. Also, market capitalisation depreciated by N1.762 trillion to close at N157.494 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Foods, Unilever Nigeria, HBM Nigeria, UACN and Zenith Bank.

Looking ahead, Cowry Assets Management Limited stated that the market is expected to sustain its bearish trend as investor sentiment tilts increasingly negative, though residual optimism could spark a recovery driven by portfolio readjustment and strategic repositioning.

Investor sentiment was balanced at a market breadth as 28 advancers narrowly outpaced 27 decliners. International Energy Insurance emerged the highest price gainer of 10 per cent to close at N4.40, per share. Ecobank Transnational Incorporated (ETI) followed with a gain of 9.93 per cent to close at N71.40, while Trans-Nationwide Express rose by 9.77 per cent to close at N2.36, per share.

CWG up by 9.74 per cent to close at N21.40, while Cornerstone Insurance appreciated by 6.80 per cent to close at N5.50, per share.

On the other side, BUA Foods led the losers’ chart with 10 per cent to close at N760.60, per share. Unilever Nigeria followed with a decline of 9.97 per cent to close at N131.40, while John Holt shed 9.90 per cent to close at N9.10, per share.

AVA Capital depreciated by 9.50 per cent to close at N8.10, while Austin Laz & Company down by 8.81 per cent to close at N2.90, per share.

The total volume traded decreased by 62.78 per cent to 1.455 billion units, valued at N20.936 billion, and exchanged in 39,085 deals. Transactions in the shares of Fortis Global Insurance led the activity with 853.161 billion shares worth N2.584 billion. Universal Insurance followed with account of 251.819 million shares valued at N214.10 million, while Chams Holding Company traded 39.997 million shares valued at N180.966 million.

First Holdco traded 28.283 million shares worth N3.897 billion, while Access Holdings traded 25.384 million shares worth N702.349 million.