The Nigerian stock market continued its decline yesterday, losing N781 billion, driven by sustained sell-offs that negatively impacted performance.
The All-Share Index declined by 1,233.87 per cent, representing a loss of 0.87 per cent, to close at 140,332.44 points. The overall market capitalisation value lost N781 billion to close at N88.784 trillion.
The market’s negative performance was driven by price depreciation in large and medium-capitalised stocks, which are BUA Cement, Julius Berger, MTN Nigeria Communications (MTNN), Champion Breweries, and AXA Mansard Insurance.
On market performance, Afrinvest Limited said, “We anticipate the weak investor sentiment to persist, hence crystallising into a negative swing in the overall market performance.”
Market sentiment remained weak, with a negative breadth as 45 stocks declined compared to 16 gainers. Jaiz Bank recorded the highest price gain, 9.75 per cent, to close at N4.39 per share.
Secure Electronic Technology followed with a gain of 9.38 per cent to close at N1.05, while Omate Venture rose by 5.88 per cent to close at N1.44 per share.
Chams Holding Company appreciated by 5.00 per cent to close at N2.73, while Custodian Investment rose by 4.86 per cent to close at N39.90 per share.
On the other hand, International Energy Insurance, Thomas Wyatt Nigeria, Veritas Kapital Assurance and University Press led the losers’ chart by 10 per cent each to close at N3.24, N3.33, N1.80 and N6.30 respectively, per share.
BUA Cement followed with a decline of 9.96 per cent to close at N151.80, while Julius Berger declined by 9.96 per cent to close at N132.90 per share.
The total volume of trade decreased by 64.44 per cent to 573.750 million units, valued at N12.877 billion, and exchanged in 25,881 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 96.068 million shares valued at N1.991 billion. Veritas Kapital Assurance followed with 36.602 million shares worth N66.171 million, while Universal Insurance transacted 32.932 million shares worth N36.958 million.
Access Holdings traded 30.332 million shares valued at N819.079 million, while Jaiz Bank traded 21.156 million shares valued at N92.136 million.
