Selling Pressure Weakens Nigerian Stocks by 0.82%

By Dipo Olowookere

Nigerian stocks came under selling pressure on Thursday, consequently further weakening their value by 0.82 per cent at the close of business.

The profit-taking was mostly felt in the energy sector, which shed 3.87 per cent. The insurance space lost 0.44 per cent, and the banking counter declined by 0.18 per cent. But the consumer goods index appreciated by 0.08 per cent, while the industrial goods segment closed flat.

The All-Share Index (ASI) was down by 2,054.25 points to 248,042.50 points from 250,096.75 points, and the market capitalisation decreased by N1.334 trillion to N161.052 trillion from N162.386 trillion.

Yesterday, the duo of Eterna and Aradel Holdings lost 10.00 per cent each to settle at N41.40 and N1,377.00, respectively. Cutix shrank by 9.02 per cent to N2.22, CMFC depreciated by 8.98 per cent to N3.65, and NPF Microfinance Bank crashed by 8.70 per cent to N4.20.

Conversely, eTranzact grew by 10.00 per cent to N12.10, Livestock Feeds expanded by 9.09 per cent to N12.00, Guinea Insurance advanced by 8.97 per cent to 85 Kobo, Learn Africa increased by 8.93 per cent to N9.15, and Multi-Trex Integrated Foods gained 7.69 per cent to finish at 42 Kobo.

The market breadth index remained negative yesterday, as Customs Street ended with 26 price gainers and 32 price losers, indicating weak investor sentiment.

During the session, market participants transacted 492.2 million stocks valued at N38.0 billion in 38,711 deals versus the 447.0 million stocks worth N23.0 billion traded in 38,905 deals a day earlier, indicating a decline in the number of deals by 0.50 per cent, and a surge in the trading volume and value by 10.11 per cent and 65.22 per cent, respectively.

The most active equity on Thursday was Zenith Bank, with a turnover of 47.8 million units worth N6.5 billion. Wema Bank sold 43.6 million units valued at N1.4 billion, Access Holdings exchanged 42.9 million units for N1.3 billion, FCMB traded 32.7 million units valued at N357.5 million, and Multi-Trex Integrated Foods transacted 27.2 million units worth N11.4 million.