Stock Market: Another Pullback Erases N2.28trn At Midweek Trading

The domestic bourse posted its third consecutive loss, with market capitalisation dropping by N2.279 trillion as investors booked profits.

The All-Share Index (ASI) lost 3,736.05 points, representing a decline of 1.51 per cent to close at 243,132.61 points, pulling the year-to-date return down to 56.24 per cent. Also, market capitalisation declined by N2.279 billion to close at N155.940 trillion.

The downturn was driven by price depreciation in large- and medium-capitalised stocks, including MTN Nigeria Communications, Lafarge Africa, Nigerian Exchange Group, First Holdco, Nigerian Breweries and Zichis Agro Allied Industry.

On market outlook, Cowry Assets Management Limited said, “the market is expected to sustain its bearish tone as continued profit-taking activity weighs on investor sentiment.”

Market breadth was broadly negative, as 43 decliners outpaced 15 advancers. Abbey Mortgage Bank emerged as the top gainer, rising 9.93 per cent to close at N7.75 per share. International Energy Insurance followed with a gain of 9.89 per cent to close at N6.00, while Tripple Gee & Company rose by 9.80 per cent to close at N4.37 per share.

Universal Insurance rose by 8.91 per cent to close at N1.10, while Royal Exchange appreciated by 7.14 per cent to close at N1.50 per share.

On the other side, Lafarge Africa led the losers’ chart with 9.97 per cent to close at N307.90, while Zichis Agro Allied Industry followed with a decline of 9.82 per cent to close at N29.20 per share.

Learn Africa and John Holt depreciated by 9.80 per cent each to close at N11.50 and N13.80 respectively, while Consolidated Hallmark Insurance was down by 8.84 per cent to close at N6.19 per share.

The total volume traded advanced by 57.1 per cent to 922.97 million units, valued at N42.27 billion, and exchanged in 69,332 deals. Transactions in the shares of Sterling Financial Holdings led the activity, with 264.592 million shares valued at N2.115 billion. Access Holdings followed with an account of 76.686 million shares valued at N1.833 billion, while Linkage Assurance traded 55.134 million shares valued at N99.155 million.

VFD Group traded 35.464 million shares worth N378.832 million, while Ellah Lakes traded 33.119 million shares worth N34.286 million.