Bears Resurface As Stock Market Falls By N27bn

Negative sentiments resurfaced on the Nigerian stock market yesterday as market capitalisation dipped by N27 billion, amid profit taking in Dangote Sugar Refinery (DSR) and 20 stocks.

The All Share Index depreciated by 48.40 basis points, representing a loss of 0.07 per cent to close at 68,286.28 points. Similarly, market capitalisation depreciated by N27 billion to close N37.373 trillion.

The downturn was impacted by price depreciation in large and medium capitalised stocks amongst which are; Dangote Sugar Refinery, Vita Foam Nigeria, Guaranty Trust Holding Company (GTCO), Nigerian Breweries and NASCON Allied Industries (NASCON).

Vetive Dealings and Brokerage said: “we expect similar mixed session tomorrow, as investors continue to cherry pick attractive names across board, while taking profit on recent gainers.”

Market breadth closed positive as 32 stocks gained relative to 20 decliners. An analysis of the investment showed that Guinea Insurance led the gainers table with 10 per cent to close at 23 kobo while Betaglass followed with a gain of 9.91 per cent to close at N47.15 kobo. Caverton gained 9.84 per cent to close at N1.34 kobo. 

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Oando Plc added 9.70 per cent to close at N7.35 kobo. CWG added 9.11 per cent to close at N4.79 kobo.

On the contrary, Vitafoam Nigeria Plc topped the losers chart, declining by 10 per cent to close at N22.50 kobo. Veritas Kapital trailed with a loss of 7.69 per cent to close at 24 kobo. Linkage Assurance fell by 5.56 per cent to close at 85 kobo. DSR dipped by 4.76 per cent to close at N66.65 kobo while International Breweries was down by 4.35 per cent to N4.40 kobo. 

Volume of shares traded declined by 32.12 per cent to 378.654 million shares valued at N5.482 billion in 7671 deals. Transactions in the shares of Oando Plc led market activities with 83.526 million shares valued at N609.377 million. United Bank for Africa followed with account 35.627 million shares worth N533.748 million, while Transnational Corporation exchanged 26.657 million shares valued at N177.694 million. Access Holdings traded 18.534 million shares worth N321.080 million, while Omatek exchanged 15.729 million shares worth N9.437 million.