Bellwethers, others extend NSE capitalisation losses by N90billion
Following price losses suffered by most bellwethers, the Nigerian equities market extended the bearish streak at the end of yesterday’s transaction, crashing market capitalisation further by N90 billion.
The All Share Index (ASI) fell by 174.36 points or 0.59 per cent to 29,378.63 points. Accordingly, investors lost N90 billion in value, as market capitalisation retreated to N15.133 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Total Nigeria, Flour Mills of Nigeria, Guaranty Trust Bank, Stanbic IBTC Holdings and GlaxoSmithKline Consumer Nigeria.
Reacting on the market performance, Chief Operating Officer, InvestData Consulting Limited, Ambrose Omordion, said: “We expect the mixed performance to continue in amid profit-taking and positioning by investors taking advantage of the pullbacks, even as players interpret and analyse the impact of last week’s CRR adjustment, ahead of the full-year earnings reporting season.
“This is also against the backdrop that capital wave in the financial market may change in the midst of the unstable economic outlook for 2020.”
He added: “We see investors focusing on the upcoming of the full-year earnings season, targeting companies with strong potential to grow their dividend on the strength of their earnings capacity.”
Market breadth also closed negative, with nine gainers versus 23 losers. Julius Berger recorded the highest price gain of 9.93 per cent to close at N22.15 per share. Nigerian Aviation Handling Company (NAHCO) followed with 9.67 per cent to close at N2.95, and Linkage Assurance 9.62 per cent to close at 57 kobo, per share.
NEM Insurance rose 9.09 per cent to close at N2.40, while Vitafoam Nigeria edged 3.77 per cent to close at N5.50, per share.
On the other hand, Associated Bus Company led the losers’ chart by 9.76 per cent to close at 37 kobo per share.
GlaxoSmithKline Consumer Nigeria (GSK) followed with 9.17 per cent to close at N5.45, and Eterna shed 8.77 per cent to close at N2.60, per share.
Total Nigeria lost 8.55 per cent to close at N107.00, and Flour Mills shed 6.78 per cent to close at N1.10, per share.
Similarly, total volume traded fell 43.49 per cent to 250.93 million shares worth N4.83 billion, traded in 4,561 deals.
Transactions in the shares of Stanbic IBTC Holdings topped the activity chart with 43.04 million shares valued at N1.79 billion. Zenith Bank followed with 34.29 million shares worth N724.08 million, and United Bank for Africa (UBA) traded 18.57 million shares at N151.43 million.
Fidelity Bank traded 17.63 million shares valued at N37.83 million, while Guaranty Trust Bank transacted 15.12 million shares worth N467.87 million.