Bear Surfaces As Investors Lose N69bn

Trading activities on the domestic stock market yesterday closed negative, as price decline in Nestle Nigeria and 28 others pulled the market lower by N69 billion.

The All-Share Index (ASI) lost 113.55 points, representing a decline of 0.12 per cent to close at 97,260.39 points. Also, market capitalisation declined by N69 billion to close at N58.935 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Nestle Nigeria, Oando, VFD Group, Dangote Sugar Refinery and UACN.

Investor sentiment, as measured by market breadth, closed negative as 20 stocks advanced, while 29 declined. Eunisell Interlinked emerged the highest price gainer of 9.98 per cent to close at N9.92, per share. John Holt followed with a gain of 9.83 per cent to close at N5.81, while SUNU Assurance rose by 9.71 per cent to close at N2.26, per share.

Universal Insurance increased by 6.25 per cent to close at 34 kobo, while Regency Alliance Insurance rose by 4.17 per cent to close at 50 kobo, per share.

On the other side, VFD Group led the losers’ chart with 10 per cent to close at N40.50, per share. Royal Exchange followed with a decline of 9.68 per cent to close at 56 kobo, while Oando lost 9.42 per cent to close at N62.05, per share.

Thomas Wyatt Nigeria depreciated by 8.85 per cent to close at N1.75, while Dangote Sugar Refinery down by 4.83 per cent to close at N28.55, per share.

However, the total volume of trades increased by 14.44 per cent to 350.379 million units, valued at N9.262 billion, and exchanged in 10,224 deals. Transactions in the shares of United Capital led the activity with 76.764 million shares worth N1.177 billion. Access Holdings followed, accounting for 25.914 million shares valued at N624.360 million, while United Bank for Africa traded 22.891 million shares valued at N722.878 million.

Oando traded 18.241 million shares worth N1.144 billion, while Guaranty Trust Holding Company traded 15.685 million shares worth N840.959 million.