Bears Maintain Grip On Stocks, Wipe Off N479bn

The domestic equities market closed on a bearish note, as losses in PZ Cussons Nigeria Plc and 36 others led to a N479 billion decline in the overall market capitalisation.

Consequently, the All-Share Index (ASI) dipped by 874.00 points, representing a loss of 0.35 per cent to close at 246,686.66 points. Also, market capitalisation depreciated by N479 billion to close at N158.219 trillion.

The negative performance was impacted by losses recorded in medium- and large-capitalised stocks, including PZ Cussons Nigeria, Nigerian Exchange Group, First Holdco, Wema Bank, and Zenith Bank.

On market outlook, Cowry Assets Management Limited said the market sentiment is expected to remain mixed in the next trading session.

Market breadth remained weak, reflecting 37 decliners against 14 gainers. International Energy Insurance recorded the highest price gain, 9.86 per cent, to close at N5.46 per share. Trans-Nationwide Express followed with a gain of 7.14 per cent to close at N5.10, while Neimeth International Pharmaceuticals rose by 6.80 per cent to close at N11.00 per share.

Living Trust Mortgage Bank rose by 5.00 per cent to close at N4.20, while Abbey Mortgage Bank rose by 4.44 per cent to close at N7.05 per share.

On the other hand, PZ Cussons Nigeria and CWG led the losers’ chart by 10 per cent each to close at N88.20 and N21.60, respectively. Associated Bus Company followed with a 9.95 per cent decline to close at N6.88 per share.

Wema Bank depreciated by 9.09 per cent to close at N30.00, while Sovereign Trust Insurance shed 8.16 per cent to close at N2.70 per share.

Meanwhile, the total volume traded declined by 47.9 per cent to 587.64 million units, valued at N23.06 billion, and exchanged in 63,954 deals. Transactions in the shares of Access Holdings topped the activity chart with 113.096 million shares valued at N2.707 billion. Zenith Bank followed with 38.091 million shares worth N4.806 billion, while Consolidated Hallmark Holdings traded 35.433 million shares valued at N243.429 million.

Neimeth International Pharmaceuticals traded 28.834 million shares valued at N298.761 million, while Sterling Financial Holdings Company sold 28.208 million shares worth N220.099 million.