Stock Market Downturn Continues By N289bn Loss

The local stock market yesterday extended its losing streak as the overall capitalization fell by N289 billion.

The All-Share Index declined by 467.77 per cent, representing a loss of 0.44 per cent, to close at 106,436.48 points. Similarly, the overall market capitalisation value shed N289 billion to close at N66.653 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Transnational Corporation (Transcorp), Eterna, Africa Prudential, Okomu Oil and Nigerian Breweries.

On market performance outlook, Afrinvest Limited said, “we expect bearish performance to linger as the market continues to lack positive catalysts to drive a reversal.”

Investor sentiment, as measured by market breadth also closed negative as 12 stocks advanced, while 43 declined. Tantalizer recorded the highest price gain of 9.64 per cent to close at N2.16, per share. Champion Breweries followed with a gain of 7.69 per cent to close at N4.20, while CWG rose by 5.70 per cent to close at N8.35, per share.

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Deap Capital Management and Trust appreciated by 5.56 per cent to close at 95 kobo, while Nigerian Aviation Handling Company (NAHCO) rose by 3.19 per cent to close at N63.00, per share. On the other hand, Caverton Offshore Support Group led the losers’ chart by 10 per cent to close at N2.52, per share. Consolidated Hallmark Holdings followed with a decline of 9.87 per cent to close at N3.56, while Eterna lost 9.66 per cent to close at N34.15, per share.

FTN Cocoa Processors fell by 9.52 per cent to close at N1.52, while Linkage Assurance declined by 9.09 per cent to close at N1.20, per share.

The total volume traded fell by 1.49 per cent to 389.574 million units, valued at N11.309 billion, and exchanged in 11,423 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 47.925 million shares valued at N803.468 million. Access Holdings followed with 35.603 million shares worth N853.881 million, while United Bank for Africa (UBA) traded 29.052 million shares valued at N1.020 billion.

Jaiz Bank traded 27.019 million shares valued at N89.723 million, while Zenith Bank transacted 21.649 million shares worth N1.022 billion.