Bears Tighten Grip As Equities Investors Lose N426bn

The Nigerian equities market continued its tepid outing on Wednesday, as losses in 28 stocks caused the overall capitalization to close lower by N426 billion.

The All-Share Index (ASI) lost 701.53 points, representing a loss of 0.28 per cent to close at 251,211.67 points. Also, market capitalisation shed by N426 billion to close at N 163.105 trillion.

The decline was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), HBM Nigeria, Fidelity Bank, Stanbic IBTC Holdings and Dangote Sugar Refinery.

The decline reflects continued cautious sentiment as investors remained under pressure following the market’s recent pullback.

Looking ahead, Cowry Assets Management Limited said, the market is anticipated to resume its upward trajectory driven by strong buying appetite, though potential profit-taking could moderate the pace of any rally.

Investor sentiment was negative as 28 losers outnumbered 25 gainers. Haldane McCall emerged the highest price gainer of 10 per cent to close at N3.41, per share. Critical Minerals Financing Corporation (CMFC) followed with a gain of 9.92 per cent to close at N4.32, while Cornerstone Insurance advanced by 9.80 per cent to close at N5.60, per share.

LivingTrust Mortgage Bank increased by 9.79 per cent to close at N3.14, while ABC Transport added 9.76 per cent to close at N6.75, per share.

On the other side, Learn Africa led others on the losers’ chart with 10 per cent to close at N7.65, per share. Thomas Wyatt Nigeria followed with a decline of 9.80 per cent to close at N2.67, while Sovereign Trust Insurance shed 6.78 per cent to close at N2.20, per share.

Guinea Insurance declined by 6.67 per cent to close at 70 kobo, while Fidelity Bank declined by 6.07 per cent to close at N21.65, per share.

The total volume traded advanced by 88.7 per cent to 1.04 billion units, valued at N53.64 billion, and exchanged in 44,469 deals. Transactions in the shares of VFD Group led the activity with 367.317 million shares worth N4.856 billion. UACN followed with account of 158.185 million shares valued at N21.514 billion, while Abbey Bank traded 72.434 million shares valued at N507.113 million.

Chams Holding Company traded 63.893 million shares worth N199.820 million, while Guaranty Trust Holding Company traded 39.549 million shares worth N5.268 billion.