Selloff persists as capitalisation dips further by N133 billion

Despite price gains that outweighed losses, trading on the nation’s bourse continued on a downturn yesterday, as capitalisation declined further by N133 billion, amid sell pressure in many blue chip stocks.

At the close of transactions yesterday on the Nigerian Exchange Limited (NGX), the All-Share Index declined by 234.76 points, representing a loss of 0.24 per cent, to close at 97,473.98 points. Similarly, the overall market capitalisation value shed N133 billion to close at N55.132 trillion.

The market’s negative performance was driven by price depreciation in large and medium-capitalised stocks which are; Dangote Sugar Refinery, PZ Cussons Nigeria, NEM Insurance, Cadbury Nigeria and United Bank for Africa (UBA).

However, investor sentiment, as measured by market breadth, closed positive as 22 stocks advanced, while 20 declined. Learn Africa and Tantalizers recorded the highest price gain of 10 per cent each to close at N3.63 kobo and 55 kobo respectively, while McNichols followed with a gain of 9.89 per cent to close at N1.

Regency Alliance Insurance was up by 9.38 per cent to close at 35 kobo and Cutix appreciated by 8.33 per cent to close at N3.25.Linkage Assurance added 7.79 to close at 83 kobo. Universal Insurance gained 5.71 kobo to close at 37 kobo. Mutual Benefit added 5.45 per cent to close at 58 kobo. Chams garnered 4.17 per cent to close at N1.75 kobo .UPDC Reits also appreciated by 3.70 per cent to close at N1.40 kobo.

On the other hand, Dangote Sugar Refinery, PZ Cussons Nigeria and The Initiates Plc (TIP) led the losers’ chart by 10 per cent each to close at N40.50 kobo, N22.50 koboand N2.25 kobo respectively. NEM Insurance followed with a decline of 9.66 per cent to close at N9.35 kobo.

Caverton Offshore Support Group declined by 9.55 per cent to close at N1.42. Royal Exchange shed 8.77 per cent to close at 52 kobo. Deap Capital declined by 8.47 per cent to close at 54 kobo.
Guinea Insurance also depreciated by 6.25 per cent to close at 30 kobo.

The total volume traded declined by 30.18 per cent to 306.597 million units, valued at N5.814 billion, and exchanged in 7,951 deals.

Transactions in the shares of Access Holdings topped the activity chart with 33.235 million shares valued at N575.592 million. Guaranty Trust Holding Company (GTCO) followed with 32.253 million shares worth N1.361 billion, while Nigerian Breweries traded 27.463 million shares valued at N631.760 million.

United Bank for Africa (UBA) traded 22.517 million shares valued at N519.495 million, while Royal Exchange transacted 19.459 million shares worth N10.176 million.

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