Investors Lose N56bn As Equities Market Sustains Bearish Performance

Investors Lose N56bn As Equities Market Sustains Bearish Performance

Investors lost N56 billion in value as the Nigerian equities market yesterday sustained its bearish performance to end the last trading day in August 2021 on decline.

Sell pressures in highly capitalised stocks brought the market lower by 0.27 per cent as market capitalisation declined to N20.434 trillion.

The All Share Index (ASI) fell by 107.06 points or 0.27 per cent to 39.219.61 points.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Zenith Bank, Livestock Feeds, BOC Gases and Guaranty Trust Bank Holdings Company (GTCO).

Analysts at Afrinvest Limited said “We expect market performance to tilt in the bearish direction, as investors continue to search for optimum return.”

The market breadth closed negative, recording 16 gainers as against 27 losers. Transcorp Hotels recorded the highest price gain of 10 per cent, to close at N5.17, per share. Honeywell Flour Mill followed with a gain of 9.74 per cent to close at N4.28, while Morison Industries appreciated by 9.73 per cent to close at N2.03, per share.

FTN Cocoa processors went up by 9.62 per cent to close at 57 kobo, while Skyway Aviation Handling Company appreciated by 9.46 per cent to close at N4.05, per share. On the other hand, Nigerian Breweries (NB) led the losers’ chart by 9.93 per cent to close at N49.45, per share. Livestock Feeds followed with a decline of 9.83 per cent to close at N2.11, while Lasaco Assurance down by 9.74 per cent to close at N1.39, per share.

UACN Property Development Company (UPDC) depreciated by 7.46 per cent to close at N1.86, while Neimeth International Pharmaceuticals declined by 7.04 per cent to close at N1.85, per share.

However, total volume traded appreciated by 41.4 per cent to 425.658 million shares, worth N1.967 billion, and traded in 4,553 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 111.070 million shares valued at N99.979 million. Chams Plc followed with 57.547 million shares worth N12.108 million, while Honeywell Flour Mills traded 31.629 million shares valued at N130.757 million.

Champion Breweries traded 23.747 million shares valued at N48.631 million, while Fidelity Bank sold 20.647 million shares worth N48.486 million.

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