Bears sustain dominance as capitalisation dips further by N47bn

Bears sustain dominance as capitalisation dips further by N47bn

[FILES] Photo/facebook/ngxgroup The bears maintained dominance on the equities sector of the Nigerian Exchange Limited, (NGX) for the second successive session yesterday, as many blue-chip stocks depreciated in price, resulting in a further decline in market capitalisation by N47 billion.

In summary, the All-Share Index (ASI) declined by 87.81 absolute points, representing a decrease of 0.19 per cent to close at 47,340.86 points. Similarly, the overall market capitalisation value lost N47 billion to close at N25.514 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Seplat Energy, Guaranty Trust Holding Company (GTCO), MTN Nigeria Communications (MTNN), Fidson Healthcare and United Bank for Africa (UBA).

GTI Securities Limited said: “Bearish sentiment continues for the second day of the week, while global investors are scooping up stakes in cryptocurrency funds and companies, as they seek exposure to a sector many believed could withstand the fallout from the Russia-Ukraine conflict.

“We expect the equity market to trade cautiously this week as investors digest present economic realities.” Vetiva Dealing and Brokerage said: “We expect to see further mixed sessions this week, with share price appreciations followed by profit taking activities as seen in sectoral performance, whilst investors continue to favour the banking sector.”

As measured by market breadth, market sentiment remained negative, as 22 stocks declined while 15 constituted the gainers chart. Veritas Kapital Assurance recorded the highest price gain of 4.76 per cent to close at 22 kobo

Chams followed with a gain of 4.55 per cent to close at 23 kobo, while Eterna gained 4.17 per cent to close at N5.25 kobo. Unilever Nigeria appreciated by 3.85 per cent to close at N13.50 kobo while Royal Exchange gained 3.67 per cent to close at N1.13 kobo.

On the other hand, Cornerstone Insurance led the losers’ chart by 8.82 per cent to close at 62 kobo. Multiverse Mining and Exploration followed with a decline of 8.33 per cent to close at 22 kobo, while SCOA Nigeria shed 7.69 per cent to close at N2.40 kobo.

Prestige Assurance shed 6.12 per cent to close at 46 kobo, while Japaul Gold and Ventures and FTN Cocoa processors depreciated by 5.71 per cent each to close at 33 kobo each.

Also, the total volume of trades declined by 85.69 per cent to 183.256 million units, valued at N2.475 billion, and exchanged in 3,779 deals. Transactions in the shares of United Bank for Africa (UBA) topped […]

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