Bears Resurface As Equities Investors Lose N28bn

The Nigerian equities market yesterday, relapsed by N28 billion, halting three days of successive rally on the local bourse on selloffs in Transnational Corporation (Transcorp) and 26 others.

The All-Share Index (ASI) declined by 50.81 points, representing a loss of 0.08 per cent to close at 66,439.53 points. Also, market capitalisation lost N28 billion to close at N36.363 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Transnational Corporation (Transcorp), Zenith Bank, Flour Mills of Nigeria, Computer Warehouse Group (CWG) and Guaranty Trust Holding Company (GTCO).

The market breadth, which measures investor sentiment through the gainers/losers ratio increased; as 27 stocks appreciated, while 24 stocks depreciated. Capital Hotel and Consolidated Hallmark Insurance emerged the highest price gainer of 10 per cent each to close at N2.75 and N1.10 respectively, while University Press followed with a gain of 9.77 per cent to close at N2.36, per share.

Champion Breweries rose by 9.72 per cent to close at N3.50, while Thomas Wyatt Nigeria appreciated by 9.60 per cent to close at N2.17, per share. On the other side, Transcorp led others on the losers’ chart with 9.99 per cent to close at N6.31, per share.

CWG followed with a decline of 9.88 per cent to close at N3.65, while Ikeja Hotel shed 9.84 per cent to close at N2.84, per share. FTN Cocoa processors went down by 8.11 per cent to close at N2.04, while R.T. Briscoe Nigeria depreciated by 6.67 per cent to close at 42 kobo, per share.

The total volume of trade increased by 45.83 per cent to 637.194 million units, valued at N7.791 billion, and exchanged in 10,033 deals. Transactions in the shares of Transcorp led the activity with 292.410 million shares worth N2.147 billion. Access Holdings followed with 26.652 million shares valued at N435.492 million, while Dangote Sugar Refinery traded 24.454 million shares valued at N1.455 billion.