Stock Market Decline Persists As Risk-off Wave Wipes N1.306trn

The Nigerian stock market extended its bearish run, closing in negative territory as sustained profit taking continued to weigh on overall performance.

The All Share Index (ASI) lost by 2,055.74 points, representing a loss of 1.36 per cent to close at 150,573.87 points. Also, the market capitalisation lost N1.306 billion to close at N95.665 trillion.

The overall downturn was impacted by losses recorded in medium and large capitalised stocks, Beta Glass, MTN Nigeria Communications (MTNN), Julius Berger Nigeria, Lafarge Africa and Skyway Aviation Handling Company.

On market outlook, Afrinvest Limited said, “We expect the bearish run to continue into tomorrow’s session due to sustained sell pressure and weak investor sentiment.”

Market sentiment remained weak, reflected in a negative market breadth of 15 gainers against 46 losers. NCR Nigeria recorded the highest price gain of 10 per cent to close at N17.60, per share.

Legend Internet followed with a gain of 9.16 per cent to close at N5.84, while Cornerstone Insurance rose by 8.80 per cent to close at N6.18, per share.

UPDC appreciated by 8.30 per cent to close at N6.00, while Linkage Assurance rose by 8.11 per cent to close at N2.00, per share.

On the other hand, C&I Leasing and Transnational Corporation (Transcorp) led the losers’ chart by 10 per cent each to close at N5.58 and N45.00 respectively, per share.

Beta Glass and Skyway Aviation Handling Company followed with a decline of 9.99 per cent each to close at N393.70 and N80.60 respectively, while R.T. Briscoe (Nigeria) declined by 9.92 per cent to close at N3.18, per share.

Meanwhile, the total volume traded rose by 63.36 per cent to 1.117 billion units, valued at N29.781 billion, and exchanged in 27,303 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 608.164 million shares valued at N13.955 billion. Sterling Financial Holdings Company followed with 81.660 million shares worth N628.473 million, while Zenith Bank traded 53.667 million shares valued at N3.281 billion.

FCMB Group traded 40.405 million shares valued at N423.167 million, while Access Holdings sold 39.421 million shares worth N915.461 million.