Stock Market Investors Lose N231bn In Bearish Trends

The local stock market, yesterday, opened the week on a bearish note as losses in Northern Nigeria Flour Mills (NNFM) Plc and 36 others dragged the overall capitalisation down by N231 billion.

The All-Share Index (ASI) declined by 370.43 points, representing a loss of 0.34 per cent to close at 108,126.97 points. Also, market capitalisation lost N231 billion to close at N67.383 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; NNFM, Transnational Corporation (Transcorp), Oando, FBN Holdings (FBNH) and Eunisell Interlinked.

Looking forward, Afrinvest Limited said, ‘barring the emergence of market stimulating shocks, we expect the negative sentiment to persist due to depressed investor sentiment.’

The market breadth, which measures investor sentiment close in negative, as 17 stocks appreciated, while 37 stocks depreciated. Ikeja Hotel emerged the highest price gainer of 10 per cent to close at N12.10, per share.

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PZ Cussons Nigeria followed with a gain of 9.26 per cent to close at N29.50, while Consolidated Hallmark Holdings rose by 8.85 per cent to close at N4.18, per share.

DAAR Communications rose by 8.82 per cent to close at 74 kobo, while Livestock Feeds appreciated by 5.95 per cent to close at N6.41, per share.

On the other side, NNFM led others on the losers’ chart with 9.99 per cent to close at N72.55, per share. Eunisell Interlinked followed with a decline of 9.96 per cent to close at N10.85, while Sovereign Trust Insurance shed 9.09 per cent to close at N1.20, per share.

Secure Electronic Technology went down by 7.46 per cent to close at 62 kobo, while UPDC depreciated by 6.13 per cent to close at N2.91, per share. However, the total volume of trade improved by 13.3 per cent to 357.759 million units, valued at N9.211 billion, and exchanged in 15,914 deals.

Transactions in the shares of Jaiz Bank led the activity with 48.188 million shares worth N161.638 million. Zenith Bank followed with 28.192 million shares valued at N1.373 billion, while Universal Insurance traded 18.683 million shares valued at N12.670 million.

Guaranty Trust Holding Company (GTCO) traded 17.877 million shares worth N1.126 billion, while Access Holdings traded 15.515 million shares worth N403.585 million.