Stock Market Extends Downtrend By N294bn

Trading in the Nigerian stock market yesterday sustained its bearish sentiments as profit-taking activities in Nestle Nigeria Plc and 44 others undermined the market’s performance.

Precisely, the All-Share Index declined by 535.98 points, representing a loss of 0.80 per cent to close at 66,760.20. Also, market capitalisation dipped by N294 billion to close at N36.538 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Nestle Nigeria, Dangote Sugar Refinery, NASCON Allied Industries, MTN Nigeria Communications (MTNN) and Nigerian Exchange Group.

As measured by market breadth, market sentiment was negative, as 16 stocks gained relative to 45 losers. Chellaram and CWG emerged the highest price gainer of 10 per cent each to close at N3.19 and N6.93 respectively, while Vitafoam Nigeria followed with a gain of 9.78 per cent to close at N24.70, per share.

Oando rose by 9.47 per cent to close at N9.25, while Wema Bank advanced by 8.94 per cent to close at N5.12, per share. 

On the other side, eTranzact International and Regency Alliance Insurance led others on the losers’ chart with 10 per cent each to close at N8.10 and 36 kobo respectively, while NASCON Allied Industries and Dangote Sugar Refinery followed with a decline of 9.96 per cent each to close at N47.00 and N52.00 respectively, per share.

Unity Bank lost 9.92 per cent to close at N1.09, while University Press depreciated by 9.77 per cent to close at N2.31, per share.

The total volume of trades increased by 24.11 per cent to 645.541 million units, valued at N11.014 billion, and exchanged in 10,554 deals.

Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 87.824 million shares worth N491.690 million. United Bank of Africa (UBA) followed with a volume of 75.849 million shares valued at N1.036 billion, while Access Holdings traded 69.448 million shares valued at N1.052 billion.     

Fidelity Bank traded 48.323 million shares worth N387.343 million, while Guaranty Trust Holding Company (GTCO) traded 39.709 million shares worth N1.326 billion.