Tuesday, October 4Inside Business Africa

Sell-offs persist as investors wealth depreciate further by 0.33%

Following sell pressure in most blue chip stocks, transactions on the Nigerian Stock Exchange  (NSE), continued on a downturn yesterday, causing the All-Share Index (ASI) to slip further by 0.33 per cent.

At the close of trading yesterday, the ASI dropped 84.91 absolute points, a 0.33 per cent dip to close at 25,497.32 points. Similarly, the overall market capitalisation shed N44 billion to close at N13.302 trillion.

The downturn was impacted by losses recorded in large and medium value stocks, including Guaranty Trust Bank, Guinness Nigeria, Zenith Bank, Union Bank of Nigeria (UBN), and Arbico Plc.

Capital market analysts noted that the downtrend was supported by value depreciation recorded in share prices of some tier one banks, as investors continue to book profit given the recent increase in their share prices.

Analysts at Afrinvest Limited predicted that investors would continue to take position in fundamentally-sound stocks in subsequent trading sessions despite the market downtrend.

Market breadth closed negative, with 10 gainers versus 19 losers. Honeywell Flour Mill recorded the highest price gain of 4.44 per cent to close at 94 kobo per share.

Transnational Corporation of Nigeria (Transcorp) followed with 3.45 per cent to close at 60 kobo, while Wapic Insurance rose 3.03 per cent to close at 34 kobo, per share.

Chemical and Allied Products (CAP) advanced 2.65 per cent to close at N17.45, and Nigerian Breweries garnered 2.50 per cent to close at N41.00 per share.

On the other hand, Arbico led the losers’ chart by 9.65 per cent to close at N1.03 per share. Royal Exchange followed with 9.09 per cent fall to close at 30 kobo, while Guaranty Trust Bank shed 6.18 per cent to close at N24.30, per share.

Japaul Oil & Maritime Services lost 4.76 per cent to close at 20 kobo, and Union Bank slipped 3.92 per cent each to close at N4.90, per share.

Also, the total volume traded dipped 1.18 per cent to 251.964 million shares worth N2.044 billion, traded in 4,185 deals. Transactions in the shares of Custodian Investment topped the activity chart with 40.134 million shares valued at N192.654 million.

FBN Holdings (FBNH) followed with 28.243 million shares worth N141.539 million, and Zenith Bank traded 26.045 million shares valued at N444.797 million.

Access Bank traded 25.06 million shares at N170.111 million, while Transcorp transacted 19.025 million shares worth N11.206 million.

Source: Guardian

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