Sell-offs Deepen As Stock Market Loses N959bn

The Nigerian stock market extended its losing streak as price decline in Aradel Holdings Plc and 33 others pulled the market lower by N959 billion.

The All-Share Index (ASI) lost 1,493.71 points, representing a decline of 0.64 per cent to close at 233,580.83 points. Also, market capitalisation declined by N959 billion to close at N 149.888 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, Oando, Nigerian Exchange (NGX), Transnational Corporation (Transcorp) and Wema Bank.

Capital market analysts noted that the session was characterized by subdued trading activity and persistent bearish sentiment, as investors remained cautious amid the market’s continued decline.

On market outlook, Cowry Assets Management Limited stated that the market is expected to rebound as investors seek out fundamentally strong stocks, though profit-taking in recently appreciated counters may temper the pace of any recovery.

Market breadth was broadly negative, as 34 decliners comfortably outpaced 14 advancers. Red Start Express emerged the highest price gainer of 9.60 per cent to close at N24.55, per share. Legend Internet followed with a gain of 9.09 per cent to close at N6.00, while Neimeth International Pharmaceuticals rose by 7.10 per cent to close at N8.30, per share.

Abbey Mortgage Bank increased by 5.45 per cent to close at N8.70, while Ellah Lakes up by 4.65 per cent to close at N9.00, per share.

On the other side, Deap Capital Management & Trust and Aradel Holdings led the losers’ chart with 10 per cent each to close at N4.05 and N1,575.00 respectively, while Trans-Nationwide Express followed with a decline of 9.90 per cent to close at N3.64, per share.

Regency Alliance Insurance depreciated by 9.57 per cent to close at 85 kobo, while C & I Leasing down by 9.48 per cent to close at N5.25, per share.

Also, the total volume of trades decreased by 19.35 per cent to 393.649 million units, valued at N19.212 billion, and exchanged in 45,813 deals. Transactions in the shares of Access Holdings led the activity with 39.053 million shares worth N896.205 million. Chams Holdings Company followed with account of 24.504 million shares valued at N96.486 million, while Fidelity Bank traded 24.070 million shares valued at N436.925 million.

Sterling Financial Holdings Company traded 23.749 million shares worth N182.196 million, while Zenith Bank traded 18.935 million shares worth N2.129 billion.