Persistent sell-off drags stock market indices further by N43b

Nigeria Stock Exchange, Lagos The Nigerian Stock Exchange (NSE) extended losing streak to four successive trading sessions, occasioned by sustained sell-off in most blue chip stocks, resulting to a further slide in market capitalisation by N43 billion.

Specifically, at the close of trading yesterday, the All Share Index (ASI) shed 115.61 absolute points, representing a dip of 0.39 per cent, to close at 29,553.12 points. Similarly, market capitalisation decreased by N43 billion, to close at N11.100 trillion.

Thursday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Mobil Nigerian, Chemical and Allied Products (CAP), Dangote Cement, Unilever Nigeria and Dangote Flour Mills.

Analysts at Afrinvest Limited said: “We do not expect this negative performance to persist in the final trading session of the week, today as we anticipate that investors will take advantage of the attractively priced stocks.”

Cordros Capital attributed the losses recorded in yesterday’s trading session to the prevailing negative sentiment across all sectors, expecting the market to close the week in the red, given the lack of positive catalysts.

Market breadth remained negative with 11 gainers against 19 losers. Chams recorded the highest price gain of 10 per cent, to close at 22 kobo per share.

Forte Oil followed with a gain of 9.85 per cent, to close at N27.40, while Vitafoam Nigeria rose by 7.84 per cent to close at N3.85, per share. Cornerstone Insurance appreciated by 4.76 per cent to close at 22 kobo, while Oando went up by 3.13 per cent to close at N4.95, per share.

On the other hand, CAP led the losers’ chart by 9.89 per cent, to close at N33.70, while Unity bank followed with a decline 9.30 per cent to close at 78 kobo, per share.

Eterna declined by 8.05 per cent to close at N4, while Regency Alliance Insurance and Union Diagnostic & Clinical Services down by eight per cent, each to close at 23 kobo, per share.

Total volume traded went down by 8.1 per cent to 499.09 billion units, valued at N2.89 billion, and exchanged in 4,133 deals. Sterling Bank traded with 124.83 million shares valued at N299.4 million.

Chams followed with 114.67 million shares worth N23.74 million, while FBN Holdings traded 55.38 million shares valued at N407.12 million. Zenith Bank traded 31.94 million shares valued at N653.86 million, while Unity Bank for Africa (UBA) transacted 28.36 million shares worth N180.45 million.

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