Bears Resurface As Stock Market Capitalisation Down By N77bn

The Nigerian stock market yesterday reversed prior’s gain as losses in Ecobank Transnational Incorporated (ETI) Plc and 22 others dragged the overall capitalization lower by N77 billion.

The All-Share Index declined by 123.53 per cent, representing a loss of 0.11 per cent, to close at 107,675.46 points. Similarly, the overall market capitalisation value shed N77 billion to close at N67.102 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; ETI, Lafarge Africa, Fidson Healthcare, Nigerian Exchange Group and SUNU Assurance.
On market performance outlook, Afrinvest Limited said, ‘we expect negative outings to linger amid weak investor sentiment.’

However, investor sentiment, as measured by market breadth, closed positive as 29 stocks advanced, while 23 declined. Oando and PZ Cussons Nigeria recorded the highest price gain of 10 per cent each to close at N52.80 and N2.95 respectively, while Honeywell Flour Mills followed with a gain of 9.96 per cent to close at N13.03, per share.

Caverton Offshore Support Group appreciated by 9.80 per cent to close at N2.69, while Livestock Feeds rose by 9.35 per cent to close at N6.90, per share.

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On the other hand, Fidson Healthcare led the losers’ chart by 9.60 per cent to close at N17.90, per share. ETI followed with a decline of 9.51 per cent to close at N31.40, while Guinea Insurance lost 8.33 per cent to close at 66 kobo, per share. Prestige Assurance declined by 7.50 per cent to close at N1.11, while SUNU Assurance declined by 6.44 per cent to close at N5.52, per share.

The total volume traded rose by 72.5 per cent to 423.421 million units, valued at N9.565 billion, and exchanged in 11,112 deals. Transactions in the shares of FCMB Group topped the activity chart with 102.270 million shares valued at N1.064 billion. Zenith Bank followed with 33.340 million shares worth N1.6 billion, while Access Holdings traded 31.212 million shares valued at N801.881 million.

Jaiz Bank traded 24.403 million shares valued at N82.022 million, while Caverton Offshore Support Group transacted 20.915 million shares worth N54.604 million.