Stock Market Depreciates by N1.32tn on Negative Sentiments
Kayode Tokede
The Nigerian stock market opened the new week on a negative note, extending its losses for the second consecutive trading session, with the capitalisation declining N1.32 trillion.
Specifically, the Nigerian Exchange Limited All-Share Index declined by 2,049.65 basis points or 0.84 per cent to close at 241,749.11 basis points. Similarly, the overall market capitalisation value shed N1.32 trillion to close at N155.130 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; BUA cement, NASCON Allied Industries, PZ Cussons Nigeria, Cadbury Nigeria and First HoldCo.
Investor sentiment was negative, as 44 decliners outpaced 19 advancers. International Breweries recorded the highest price gain of 9.77 per cent to close at N14.60, per share. Nigerian Aviation Handling Company (NAHCO) followed with a gain of 8.36 per cent to close at N177.00, while UACN appreciated by 8.11 per cent to close at N199.95, per share.
Daar Communications appreciated by 6.67 per cent to close at N1.76, while Vitafoam Nigeria rose by 5.87 per cent to close at N194.80, per share.
On the other hand, PZ Cussons Nigerialed the losers’ chart by 10 per cent to close at N81.00, per share. BUA Cement followed with a decline of 9.99 per cent to close at N306.20, while Red Star Express lost 9.98 per cent to close at N22.10, per share.
R.T Briscoe shed 9.70 per cent to close at N12.10, while C & I Leasing depreciated by 9.38 per cent to close at N5.80, per share.
However, the total volume traded advanced by 18.7 per cent to 523.54 million units, valued at N22.27 billion, and exchanged in 59,945 deals. Transactions in the shares of FCMB Group topped the activity chart with 102.235 million shares valued at N1.019 billion. International Breweries followed with 26.764 million shares worth N387.196 million, while Access Holdings traded 24.763 million shares valued at N618.229 million.
McNichols traded 20.262 million shares valued at N94.997 million, while Stanbic IBTC Holdings transacted 18.376 million shares worth N2.865 billion.
On market performance, Imperial Asset Managers Limited noted that the market’s second consecutive decline, alongside the sharp deterioration in breadth, reinforces the cooling in risk appetite that has emerged after a period of sustained gains.
Looking ahead, Cowry Assets Management Limited said, the market is expected to rebound, underpinned by ongoing strategic investor repositioning and portfolio rebalancing, though profit-taking in recently appreciated counters may temper the pace of any recovery.
