Sell-offs Persist As Equities Market Loses N56bn

The Nigerian stock market yesterday faced a notable downturn, reflecting persistent bearish sentiment.
As a result, the All-Share Index (ASI) lost 99.24 points, representing a loss of 0.10 per cent to close at 97,100.36 points. Also, market capitalisation declined by N56 billion to close at N55.132 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Oando, Dangote Sugar Refinery, Ecobank Transnational Incorporated (ETI), Nigerian Breweries and FBN Holdings.

As measured by market breadth, market sentiment was negative, as 14 stocks gained relative to 31 losers. Neimeth International Pharmaceuticals emerged the highest price gainer of 9.55 per cent to close at N2.18, per share.

TotalEnergies Marketing Nigeria followed with a gain of 8.82 per cent to close at N511.90, while AIICO Insurance advanced by 6.54 per cent to close at N1.14, per share.

C & I Leasing rose by 6.07 per cent to close at N2.97, while UPDC gained by 4.92 per cent to close at N1.28, per share.

On the other side, Oando led others on the losers’ chart with 9.94 per cent to close at N32.60, while ABC Transport followed with a decline of 9.52 per cent to close at 76 kobo, per share.

Guinea Insurance and Livestock Feeds shed 9.09 per cent each to close at 40 kobo and N2.20 respectively, while CWG dropped by 7.69 per cent to close at N5.40, per share.

The total volume of trades decreased by 13.97 per cent to 271.260 million units, valued at N3.523 billion, and exchanged in 7,233 deals. Transactions in the shares of Veritas Kapital Assurance led the activity with 33.383 million shares worth N40.732 million. Sterling Financial Holdings Company followed accounting for 16.648 million shares valued at N65.864 million, while AIICO Insurance traded 16.368 million shares valued at N18.317 million.

R.T. Briscoe Nigeria traded 16.168 million shares worth N28.557 million, while Guaranty Trust Holding Company (GTCO) traded 15.935 million shares worth N725.234 million.