Following price losses incurred by the bellwethers, the Nigerian Stock Exchange (NSE), extended its negative sentiment to six successive trading sessions, as investors’ wealth plunged by N90 billion in four trading days.
Specifically, the market capitalisation of listed securities, which opened the week at N11.607 trillion, shed N90 billion or 0.8 per cent to close at N11.517 trillion yesterday.
Also, the All-share index depreciated by 240.08 points from 31, 125.39 to 30,885.31.
Wednesday’s decline was impacted by huge selloff in Oil & Gas, and Banking sectors, in which index declined by 3.28 per cent, and 0.35 per cent, respectively.
Analysts at APT Securities and Funds Limited said: “Equity market is expected to close northward week on week. Howbeit, the index might move either way in today’s trading section as yesterday’s bullish market breath suggested a likely turnaround.”
They noted that the downward trend persists amidst good fundamentals, which not unconnected to the low foreign participation, as foreign investors take a watch posit in anticipation of new economic reforms. They argued that there is no cause for alarm, as investors are encouraged to focus on liquid stocks that have been affected by downward trend, likewise dividend paying stocks bearing in mind that strong fundamental(s) is a good reason to position for mid to long term amidst dwindled stock price.
However, market breadth closed positive, with 24 gainers versus 16 losers. Sovereign Trust Insurance recorded the highest price gain of 10 per cent to close at 22 kobo, while Ikeja Hotel followed with a gain 9.62 per cent to close at N1.71, per share.
Aiico Insurance appreciated by 9.23 per cent to close at 71 kobo, while Eterna and Mutual Benefits Assurance gained 9.09 per cent, each to close at N4.80 and 24 kobo, per share, respectively.
On the other hand, Skye Shelter Fund Leasing led the losers’ chart by 10 per cent to close at N85.50 per share. Champion Breweries followed with 9.68 per cent loss to close at N1.40, while Associated Bus Company shed 9.26 to close at 49 kobo, per share.
Consolidated Hallmark Insurance dropped 6.90 per cent to close at 27 kobo, while Royal Exchange shed 6.45 per cent to close at 29 kobo, per share.
The total volume traded rose by 17.51 per cent to 250.03 million shares worth N2.43 billion, traded in 3,869 deals.
Transactions in the shares of Access Bank topped the activity chart with 93.47 million shares valued at N638.54 million. Zenith Bank followed with 30.75 million shares worth N678.71 million, while United Bank for Africa (UBA) traded 24.59 million shares valued at N192.83 million.
FBN Holdings traded 19.84 million shares valued at N162.72 million, while Fidelity Bank transacted 12.16 million shares worth N28.86 million.