Opening the week, yesterday, investors profit-taking in Airtel Africa Plc continued to dominate the Nigerian stock market as the overall capitalisation declined by N569 billion.
The N569billion decline in market capitalisation yesterday makes it sixth straight session loss as investors divest to money market instruments.
The NGX All Share Index (ASI) fell by 1,041.14 basis points 1.96 per cent to close at 51,952.99 basis points. Accordingly, investors lost N569 billion in value as market capitalisation declined to N28.300 trillion.
Market breadth closed negative as four stocks gained relative to 28 decliners.
Airtel Africa led the losers’ chart by 10 per cent to close at N1,198.00, while Royal Exchange and Consolidated Hallmark Insurance followed with a decline of 9.09 per cent each to close at 60 kobo each per share.
Multiverse Mining and Exploration shed 8.75 per cent to close at N2.40, while Neimeth International Pharmaceuticals shed 8.28 per cent to close at N1.33, per share.
On the other hand, Caverton Offshore Support Group recorded the highest price gain of 8.25 per cent to close at N1.05, while Nigerian Aviation Handling Company (NAHCO) followed with a gain 3.06 per cent to close at N10.10, per share.
Transnational Corporation (Transcorp) appreciated by 2.19 per cent to close at N1.40, while Sterling Financial Holdings Company gained 1.35 per cent to close at N1.50, per share.
Meanwhile, the total volume of trades increased by 545.60 per cent to 1.723 billion units, valued at N4.790 billion, and exchanged in 4,286 deals.
Transactions in the shares of Transcorp topped the activity chart with 1.554 billion shares valued at N2.102 billion. Zenith Bank followed with 44.457 million shares worth N1.134 billion, while United Bank for Africa (UBA) traded 20.984 million shares valued at N179.518 million.
Fidelity Bank traded 8.395 million shares valued at N44.552 million, while Royal Exchange transacted 6.434 million shares worth N3.879 million.
This week, United Capital Plc said “we expect the bearish sentiments to continue in the market, supported by the illiquidity in the financial system. Subsequently, investors may favour the fixed-income market over the equities market.
“However, the low prices and valuations provide an opportunity for BUY-SIDE to re-enter the market and take positions ahead of the Q1, 2023 earnings season.”