Investors’ wealth dip by N38b in four trading days
The bears sustained dominance on the equities sector of the Nigerian Stock Exchange (NSE), yesterday, even as most blue-chip stocks depreciated in price, causing investors’ wealth to slump by N38 billion in four trading days.
Specifically, the market capitalisation, which stood at N13.027 trillion when the market reopened for transactions on Monday, had depreciated by N38 billion or 0.29 percent to N12.989 trillion on Thursday. Also, the All-Share Index (ASI) shed 76.89 points or 0.28 percent from 26,990.59 to 26,913.70.
Yesterday’s downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Arbico Plc, Fidson Healthcare, Access Bank, Med-View Airline and FBN Holdings.
The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion, noted that the stock market will sustain its decline as mixed sentiments persist amid cautious trading, despite the rates and yields’ crash across other investment windows, as well as the expected seasonal market moves this December.
However, he noted that the current undervalued state of the market offers investors opportunities to position for short and medium-to-long-term views. Market breadth closed negative, with eight gainers versus 19 losers. Chams recorded the highest price gain of 9.09 percent to close at 36 kobo per share. Union Diagnostic & Clinical Services followed with a gain 8.33 percent to close at 26 kobo per share.
Dangote Sugar Refinery appreciated by 8.03 percent to close at N14.80 per share. UAC of Nigeria (UACN) rose 6.62 percent to close at N8.05, while Cutix appreciated by 4.05 percent to close at N1.54, per share. On the other hand, Cornerstone Insurance and Med-View Airline led the losers’ chart with 10 percent, each, to close at 63 kobo and N1.62, respectively, per share. Arbico Plc followed with 9.81 percent to close at N4.32, while Fidson Healthcare fell 9.33 to close at N3.40, per share.
Deap Capital Management and Trust lost 9.09 percent to close at 40 kobo, while R.T Briscoe Nigeria shed 8.70 percent to close at 21 kobo, per share.
However, the total volume traded rose by 83.1 percent to 207.26 million shares worth N2.845 billion, traded in 3,842 deals. Transactions in the shares of UACN topped the activity chart with 40.23 million shares valued at N315.899 million. Access Bank followed with 28.29 million shares worth N260.13 million.Guaranty Trust Bank traded 27.73 million shares at N837.67 million. Zenith Bank traded 25.91 million shares valued at N484.60 million, while FBN Holdings transacted 23.77 million shares worth N159.21 million.