Stock Market: Investors Lose N33bn On Continuing Bearish Tread
The Nigerian stock market kicked off the new week, yesterday in the red as investors’ apathy dominated the proceedings. In summary, the All-Share Index (ASI) shed 95.73 absolute points, representing a decline of 0.38 per cent to close at 25,244.29 points.
Similarly, the market capitalization shed N33 billion to close at N8.737 trillion. Analysts noted that the market has extended bearish opening in February to the third week in a row. The dip was largely boosted by value appreciation recorded in some medium and large capitalised stocks, amongst which are; National Salts, Nigerian Breweries, Stanbic-IBTC, Oando, ETI, Access Bank and UBA.
Market breadth was negative, with 15 gainers versus 17 losers. Beta Glass recorded the highest price gain of 4.99 per cent, to close at N34.72 per share. PZ Industries gained by 4.98 per cent to close at N11.59, while UAC Property appreciated by 4.76 per cent to close at N1.98 per share.
Airline Services went up by 4.74 per cent to close at N2.87, while Caverton appreciated by 4.44 per cent to close at 94 kobo per share. On the other hand, National Salts, Nigerian Breweries and Transcorp led the losers’ chart by five per cent, each, to close at N7.03, N118.75 and 76 kobo in that order.
CCNN depreciated by 4.89 per cent to close at N4.28 and Eterna Oil declined by 4.75 per cent to close at N3.41 per share. Total volume traded fell by 29.65 per cent to 141.92 million shares, valued at N1.38 billion shares, and exchanged in 2,386 deals.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 26 million shares valued at N630.2 million. UBA followed with 25.86 million shares worth N124.1 million, while E-Tranzact traded 20.44 million shares valued at N102.18 million. Fidelity Bank traded 14.7 million shares worth N12.75 million, while FBN Holdings sold 9.88 million shared valued N31.3 million.