Selloff continued on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as investors’ wealth depreciated further by N36 billion amid a selloff in Aradel Holdings Plc and 15 others.
The all-share index (ASI) declined by 60.88 points, representing a loss of 0.06 per cent to close at 98,114.11 points. Also, market capitalisation lost N36 billion to close at N59.476 trillion.
The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are Lafarge Africa, Zenith Bank, Red Star Express and Access Holdings.
Analysts at Afrinvest said: “Investor sentiment as measured by market breadth, weakened to 0.25x (previously 0.33x) as 35 stocks advanced, 16 declined. Tomorrow, (today), we expect the bearish market performance to linger as the bourse remains short of positive catalysts.”
However, the market breadth, which measures investor sentiment through the gainers/losers ratio increased. According to market data, 35 stocks appreciated, while 16 stocks depreciated.
Cornerstone Insurance and University Press emerged as the highest price gainers of 10 per cent each to close at N3.30 kobo and N3.96 kobo respectively.
Sterling Financial Holdings Company and SUNU Assurance followed with a gain of 9.98 per cent each to close at N4.85 kobo and N4.63 kobo respectively, while Golden Guinea Breweries appreciated by 9.84 per cent to close at N4.91 kobo.
On the other side, Red Star Express led the losers’ chart with 10 per cent to close at N4.41. FTN Cocoa Processors followed with a decline of 5.61 per cent to close at N1.85 kobo while NPF Microfinance Bank shed 3.23 per cent to close at N1.50 kobo.
Neimeth International Pharmaceuticals went down by 2.78 per cent to close at N2.10 kobo, while Prestige Assurance depreciated by 2.5 per cent to close at 78 kobo kobo.
The total volume of trade rose by 39.8 per cent to 722.998 million units, valued at N12.840 billion, and exchanged in 8,495 deals. Transactions in the shares of Champion Breweries led the activity with 300.934 million shares worth N1.204 billion.
Fidelity Bank followed with an account of 48.598 million shares valued at N782.996 million, while Guaranty Trust Holding Company (GTCO) traded 40.184 million shares valued at N2.119 billion.
Access Holdings traded 35.62 million shares worth N858.871 million, while Lafarge Africa traded 29.096 million shares worth N2.087 billion.
