Investors Lose N3.28trn As Stock Market Closes Lower

The Nigerian equities market closed yesterday’s session sharply lower, as intensified selling pressure in heavyweight stocks dragged the overall capitalization down by N3.28 trillion.

The NGX All-Share Index shed 1.98 per cent to close at 249,710.59 points, moderating its year-to-date return to 60.47 per cent. Consequently, market capitalisation shed N3.28 trillion, closing at N162.13 trillion.

The decline was driven by price depreciation in large and medium capitalised stocks amongst which are; Presco, Dangote Cement, HBM Nigeria, UACN and Nigerian Exchange Group.

Looking ahead, Cowry Assets Management Limited said persistent sell-side pressure and broad-based sectoral weakness could sustain near-term market volatility, although bargain-hunting in oversold heavyweight counters may provide some support.

Market sentiment remained bearish, with 36 decliners outweighing 20 advancers. CWG led the gainers’ chart, rising by 9.94 per cent to close at N17.15, per share. Abbey Bank followed with a 9.84 per cent gain to close at N6.70, while Honeywell Flour Mill appreciated by 9.82 per cent to close at N26.85, per share.

eTranzact International rose by 9.71 per cent to close at N18.65 and Caverton Offshore Support Group gained 8.96 per cent to close at N3.65, per share.

On the losers’ side, Dangote Cement and Presco led the decline, falling by 10.00 per cent each to N1341.00 and N1656.80 respectively, while Wapic Insurance followed with a decline of 9.91 per cent to close at N2.00, per share.

Lasaco Assurance and Austin Laz declined by 8.57 per cent each to close at N1.60 and N2.24 respectively, while AXA Mansard Insurance lost 8.09 per cent to close at N10.80, per share.

The total volume traded advanced by 49.6 per cent to 825.95 million units, valued at N70.42 billion, and exchanged in 31,866 deals. Transactions in First Holdco shares led activity, with 478.424 million shares worth N44.943 billion. Access Holdings followed with an account of 30.479 million shares valued at N823.839 million, while Chams Holding Company traded 28.624 million shares valued at N87.060 million.