Stock market sustains losing streak as index slumps further by 1.53%

Heavy price losses suffered by many highly capitalised stocks on the equities sector of the Nigerian Stock Exchange (NSE), yesterday, dragged index further by 1.53 per cent.

Specifically, at the close of trading yesterday, the All Share Index (ASI) fell by 399.89 points or 1.53 per cent to 25,816.57 points.

Accordingly, investors lost N209 billion in value as market capitalisation declined to N13.449 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Chemical and Allied Products (CAP), Lafarge Africa, Unilever Nigeria and Guaranty Trust Bank.

Analysts at Afrinvest Limited, expected the bearish sentiment to be sustained in the near term, but stated that the market presents opportunity for bargain hunting.

Market breadth closed negative, with nine gainers versus 28 losers. Law Union and Rock Insurance recorded the highest price gain of 10 per cent, to close at 99 kobo, per share.

Aiico Insurance followed with a gain 7.79 per cent to close at 83 kobo, while Eterna appreciated by 5.53 per cent to close at N2.10, per share.

Group went up by 5.26 per cent to close at N1.80, while Courteville Business Solutions appreciated by five per cent to close at 21 kobo, per share.

On the other hand, Lafarge Africa, Nestlé Nigeria, PZ Cussons Nigeria and Unilever Nigeria led the losers’ chart by 10 per cent each, to close at N13.95, N1,017, N4.05 and 13.50, per share, in that order.

Nigerian Aviation Handling Company (NAHCO) and CAP followed with a decline of 9.96 per cent, each to close at N2.35 and N22.15, respectively, while learn Africa went down by 9.82 to close at N1.01, per share.

The total volume traded went down by 21.89 per cent to 325.26 million shares, worth N6.03 billion, and traded in 5,054 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 93.69 million shares valued at N2.14 billion.

Zenith Bank followed with 44.19 million shares worth N798.45 billion, while United Bank for Bank (UBA) traded 18.39 million shares valued at N121.26 million.

Fidelity Bank traded 17.66 million shares valued at N32.27 million, while FBN Holdings Groups transacted 16.76 million shares worth N79.07 million.