Market Sheds N57bn on Weak Investor Sentiment

By Dipo Olowookere

The stock market depreciated by 0.26 per cent on Friday amid a heavy sell-off across the major sectors of the Nigerian Exchange (NGX) Limited and weak investor sentiment.

It was observed that the equity market recorded the loss yesterday despite a marginal 0.02 per cent growth posted by the banking sector as the energy, insurance and industrial goods counters depreciated by 3.07 per cent, 0.61 per cent and 0.07 per cent respectively, while the consumer goods space closed flat.

At the close of business, the All-Share Index (ASI) decreased by 122.62 points to 46,842.86 points from 46,965.48 points, while the market capitalisation shed N57 billion to N25.254 trillion from N25.311 trillion.

According to data, UBA was the most traded stock at the market yesterday, selling 48.0 million units worth N369.7 million, followed by Fidelity Bank, which sold 46.5 million units valued at N158.8 million.

Zenith Bank transacted 24.2 million equities worth N541.3 million, GTCO exchanged 14.5 million stocks for N317.3 million, while Access Holdings traded 13.8 million shares valued at N133.2 million.

At the close of business, investors bought and sold 257.3 million equities worth N2.9 billion in 4,586 deals compared with the 256.0 million equities worth N3.7 billion transacted in 4,227 deals a day earlier, indicating a 0.51 per cent increase in the trading volume, a 21.77 per cent decrease in the trading value and a 8.49 rise in the number of deals.

Business Post reports that the market breadth closed bearish yesterday with 12 price gainers and 37 price losers led by Red Star Express, which fell by 10.00 per cent to settle at N2.70.

Total Energies lost 9.97 per cent to finish at N238.50, Conoil fell by 9.92 per cent to N22.25, Cutix dropped 9.69 per cent to N2.05, while SCOA Nigeria drowned by 9.66 per cent to N2.15.

On the flip side, NAHCO posted a growth of 10.00 per cent to sell for N4.29, Multiverse grew by 9.52 per cent to 23 kobo, Meyer gained 9.09 per cent to trade at 72 kobo, Fidelity Bank appreciated by 7.19 per cent to N3.43, while Japaul rose by 6.25 per cent to 34 kobo.