Sell-off persists as losses drag indices further by N28b

Bearish sentiments persisted at the Nigerian Exchange Limited (NGX), yesterday as losses in Zenith Bank, nine others, dragged market capitalisation further by N28 billion.

At the close of transactions yesterday, the All Share Index (ASI) decreased by 51.24 absolute points, representing a dip of 0.10 per cent to close at 51,339.01 points. Similarly, the market capitalisation lost N28 billion to close at N27.685 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Zenith Bank, Champion Breweries, International Breweries, UPDC Real Estate Investment Trust (UPDCReit) and Lafarge Africa.

Reviewing market performance, analysts at GTI: Securities Limited said that “Equities market closed negative with a prevailing sell-off trend. We expect cautious trading to continue throughout the week.”

Analysts at Vetiva Dealings and Brokerage said: “As expected, the market closed out mixed with a slight recovery in market sentiment, as activity level remained minimal. Barring any large volume transaction to elevate market activity tomorrow, we anticipate a quiet close to the week. “

However, market breadth, which is measured by market sentiment, was positive, as 15 stocks gained relative to 10 losers.
Champion Breweries emerged the day’s highest price loser with 8.74 per cent to close at N3.55 kobo while Ikeja Hotel followed with 7.69 per cent to close at N1.20 kobo. International Breweries shed 5.17 per cent to close at N5.50 kobo. Multiverse declined by 4.76 per cent to close at N1.80 kobo. UPDC Reits slumped by 4.17 per cent to close at N1.16 kobo.

UPDC shed 3.33 per cent to close at N1.16 kobo. Zenith Bank depreciated by 1.56 per cent to close at N22.10 kobo. JohnHolt declined by 1.11 per cent to close at 89 kobo. Access Corp lost 54 per cent to close at N9.25 kobo. Lafarge WAPCO also shed 38 per cent to close at N25.90 kobo.

However, Academy Press recorded the highest price gain of 8.70 per cent to close at N2.25, per share. Regency Alliance Insurance followed with a gain of 8.00 per cent to close at 27 kobo, while Computer Warehouse Group (CWG) appreciated by 7.95 per cent to close at 95 kobo, per share.

Cutix went up by 7.27 per cent to close at N2.36, while Nigerian Aviation Handling Company (NAHCO) appreciated by 5.00 per cent to close at N8.40 per share

BUAfoods gained 4.74 per cent to close at N50.80 kobo. Chams added 4.17 per cent to close at 25 kobo. Mansard appreciated by 3.16 per cent to close at N1.96 kobo. Caverton increased by 2.99 per cent to close at N1.38 kobo. TransNational Corporation also appreciated by 2.44 per cent to close at N1.26 kobo.

The total volume traded declined by 42.0 per cent to 115.410 million units, valued at N1.206 billion, and exchanged in 3,731 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 12.182 million shares valued at N15.118 million. International Breweries followed with 7.647 million shares worth N42.769 million, while FBN Holdings (FBNH) traded 7.408 million shares valued at N78.782 million.

Zenith Bank traded 6.589 million shares valued at N148.275 million, while Sterling Bank transacted 6.445 million shares worth N9.981 million.