Stock market Depreciates by N13bn to Maintain Bearish Run
Kayode Tokede
The stock market of the Nigerian Exchange Limited (NGX) yesterday stretched its bearish performance for a fourth straight session, as losses in Airtel Africa Plc and 21 others dragged the overall capitalization lower by N13 billion.
The All-Share Index (NGX ASI) lost 303.70 basis points or 0.47 per cent to close at 64,625.28 basis points. Also, market capitalisation declined by N13 billion to close at N 35.370 trillion.
As a result, the stock market year-to-date (YTD) return fell to 26.10 per cent.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Airtel Africa, NEM Insurance, Fidelity Bank, Guaranty Trust Holding Company (GTCO) and Transcorp Hotel.
As measured by market breadth, market sentiment was negative, as 17 stocks gained relative to 22 losers. Eterna emerged the highest price gainer of 10 per cent to close at N17.60, per share. Computer Warehouse Group (CWG) followed with a gain of 8.61 per cent to close at N3.28, while FTN Cocoa processors rose by 6.97 per cent to close at N2.15, per share.
Livestock Feeds increased by 5.56 per cent to close at N1.90, while Vitafoam Nigeria added 4.78 per cent to close at N21.90, per share. On the other side, NEM Insurance led the losers’ chart with 10 per cent to close at N5.40, per share. SUNU Assurance followed with a decline of 8.51 per cent to close at 86 kobo, while Guinea Assurance shed 7.89 per cent to close at 35 kobo, per share.
Cornerstone Insurance depreciated by 7.09 per cent to close at N1.31, while Omatek Ventures down by 5.88 per cent to close at 32 kobo, per share.
The total volume traded rose slightly by 4.01 per cent to 291.714 million units, valued at N7.432 billion, and exchanged in 6,213 deals. Transactions in the shares of GTCO led the activity with 41.747 million shares worth N1.553 billion. Universal Insurance followed with account of 22.841 million shares valued at N5.169 million, while United Bank for Africa (UBA) traded 22.553 million shares valued at N315.379 million.
Sterling Financial Holdings Company traded 21.643 million shares worth N76.981 million, while Transnational Corporation traded 15.703 million shares worth N62.653 million.
