Equities slump further by N145 billion as weak sentiments linger

The Nigerian equities market sustained a bearish profile at the end of yesterday’s transactions, following price losses incurred by virtually all the blue-chip firms, causing investors’ wealth to depreciate further by N145 billion.

Specifically, at the close of trading yesterday, six stocks recorded price appreciation while 28 others constituted the losers’ chart.

Precisely, the All-Share Index (ASI) fell by 298.04 points or 1.08 per cent to 27,352.24 points. Accordingly, investors lost N145 billion in value as market capitalisation declined to N13.315 trillion.The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Stanbic IBTC Holdings, Cadbury Nigeria, MTN Nigeria and Guaranty Trust Bank.

Analysts at Afrinvest Limited said: “We maintain a bearish outlook on the equities market in the next trading sessions as investor sentiment remains weaken.”Also, the chief operating officer of InvestData Consulting Limited, Ambrose Omordion said that the outlook for stock market remains mixed with the expected profit-taking, as investors position themselves ahead of the quarter-end, while bargain-hunters take advantage of low stock prices to position, now that the NSE index has pulled back.

Associated Bus Company recorded the highest price gain of 9.68 per cent, to close at 34 kobo, per share. NPF Micro Finance Bank followed with a gain 7.96 per cent to close at N1.22, while UAC of Nigeria (UACN) appreciated by 6.99 per cent to close at N7.65, per share.

Courteville Business Solution went up by five per cent to close at 21 kobo, while Jaiz Bank appreciated by 4.65 per cent to close at 45 kobo per share.On the other hand, Cadbury Nigeria led the losers’ chart by 9.91 per cent, to close at N10.45, per share. Sterling Bank followed with a decline of 8.64 per cent to close at N2.01, while Stanbic IBTC Holdings went down by 8.28 to close at N39.30, per share.

Cornerstone Insurance lost 7.14 per cent to close at 39 kobo, while Dangote Sugar Refinery shed 6.33 per cent to close at N10.35, per share.However, the total volume traded rose by 40.6 per cent to 154.03 million shares, worth N2.83 billion, and traded in 2,922 deals.

Transactions in the shares of Nigerian Breweries topped the activity chart with 37.28 million shares valued at N1.96 billion. Transnational Corporation of Nigeria (Transcorp) followed with 23.09 million shares worth N23.95 million, while FBN Holdings traded 13.34 million shares valued at N72.81 million.United Bank for Africa (UBA) traded 9.86 million shares valued at N59.87 million, while UACN Property Development Company transacted 7.54 million shares worth N8.80 million.