Market Sheds N193bn On Aggressive Sell-offs In High-Cap Stocks

The Nigerian stock market yesterday experienced a pullback, reversing the gains from the previous trading session.

Precisely, the All-Share Index declined by 336.26 points, representing a loss of 0.35 per cent to close at 96,537.48 points. Also, market capitalisation dipped by N193 billion to close at N55.454 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Oando, Conoil, Nigerian Exchange (NGX), Dangote Sugar Refinery and Zenith Bank.

As measured by market breadth, market sentiment was negative, as 21 stocks gained relative to 33 losers. DAAR Communications emerged the highest price gainer of 10 per cent to close at 66 kobo, per share. Industrial and Medical Gases Nigeria followed with a gain of 9.72 per cent to close at N35.00, while Deap Capital Management and Trust appreciated by 9.52 per cent to close at N1.15, per share.

Tantalizer rose by 8.47 per cent to close at 64 kobo, while Caverton Offshore Support Group advanced by 6.82 per cent to close at N1.41, per share.

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On the other side, Oando led others on the losers’ chart with 10 per cent to close at N81.90, per share. The Initiates Plc (TIP) followed with a decline of 9.95 per cent each to close at N1.81, while R.T. Briscoe Nigeria went down by 9.72 per cent to close at N2.60, per share.

Secure Electronic Technology lost 9.23 per cent to close at 59 kobo, while Omatek Ventures depreciated by 9.09 per cent to close at 70 kobo, per share.

The total volume of trades declined by 17.71 per cent to 389.232 million units, valued at N8.180 billion, and exchanged in 12,039 deals. Transactions in the shares of Oando led the activity with 37.185 million shares worth N3.10 billion. Universal Insurance followed with a volume of 33.714 million shares valued at N12.659 million, while Transnational Corporation (Transcorp) traded 29.021 million shares valued at N321.760 million.

FTN Cocoa Processors traded 22.744 million shares valued at N35.144 million, while Guaranty Trust Holding Company (GTCO) transacted 21.948 million shares worth N1.005 billion.