Bears Drag Down Stock Market Investment By N341bn

The bears continued to dominate the domestic stock market as the capitalisation shed N341 billion amid sustained negative investors’ sentiment.

The All Share Index (ASI) decreased by 626.14 absolute points, representing a dip of 1.16 per cent to close at 53,124.63 points. Similarly, the market capitalisation lost N341 billion to close at N28.940 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, UAC of Nigeria (UACN), Fidson Healthcare, United Capital and Dangote Sugar Refinery.

On market outlook, GTI Securities Limited said: “investors continue to be conservative and sway towards safe stocks, as the stock market awaits the dividend announcement by quoted companies.”

However, market breadth closed positive, with 16 gainers versus nine losers. PZ Cussons Nigeria recorded the highest price gain of 9.6 per cent to close at N11.400, per share. International Energy Insurance followed with a gain 9.24 per cent to close at N1.30, while Multiverse Mining & Exploration rose 8.72 per cent to close at N3.24, per share.

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FTN Cocoa processors went up by 7.69 per cent to close at 28 kobo, while Regency Alliance Insurance appreciated by 6.90 per cent to close at 31 kobo, per share. On the other hand, Chams Holding Company led the losers’ chart by 8.00 per cent to close at 23 kobo, per share, per share. 

followed with a decline of 5.76 per cent each to close at N9.00, while Dangote Cement lost 4.17 per cent to close at N276.00, per share. 

Fidson Healthcare lost 2.95 per cent to close at N9.55, while Prestige Assurance shed 2.44 per cent to close at 40 kobo, per share.

The total volume traded rose by 101.08 per cent to 202.850 million units, valued at N2.053 billion, and exchanged in 3,071 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 61.493 million shares valued at N85.307 million. Fidelity Bank followed with 26.957 million shares worth N139.045 million, while Custodian Investment traded 19.969 million shares valued at N121.803 million.

Sterling Bank traded 18.652 million shares valued at N29.371 million, while Guaranty Trust Holding Company (GTCO) transacted 11.737 million shares worth N291.138 million.