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Despite price gains that outweighed losses, the bears sustained their hold on the equities sector of the Nigeria Exchange Limited (NGX) as more blue-chip stocks joined the league of losers, resulting in a further slide in market capitalisation by N96 billion.
Yesterday, market capitalisation of listed equities declined further by 0.27 per cent to N35.273 trillion from N35.369 trillion reported the previous day.
The development caused the benchmark index to witness a decline of 176.32 basis points to close at 64448.96 points from 64,625.28 points reported on Wednesday.
The downturn was impacted by losses in large and medium capitalised stocks amongst which are National Salt Company of Nigeria (NASCON), Zenith, United Capital, Lafarge WAPCO, Union Bank, Accesscorp, GTCO and CHI Plc.
Analysts at SCM Capital said: “This week, we anticipated a blend of investors’ sentiments driven by both bargain hunting and the anticipation of positive development.
“Investors’ focus will be on corporate earnings particularly from first-tier banks, as they navigate the market against the backdrop of July inflation data and high system liquidity.”
On the price movement chart, 20 stocks appreciated while 17 others constituted the losers’ chart.
Guinness Nigeria Plc topped the losers’ chart, shedding by 8.57 per cent to close at 32 kobo, RTBriscoe trailed with a loss of 8.16 per cent to close at 45 kobo. Chi Plc shed 7.61 per cent to close at 85 kobo, SUNU Assurance dipped by 6.98 per cent to close at 80 kobo, Deep Capital declined by 6.67 per cent to close at 28 kobo. NASCON shed 5.15 per cent to close at N35. Unity Bank also depreciated by 3.73 per cent to close at N1.29 kobo
On the other hand, JohnHolt led the gainers’ table in percentage terms, adding 10 per cent to close at N1.32 per share while CWG followed with a gain of 9.76 per cent to close at N3.60 kobo. Prestige assurance added 8.33 per cent to close at 52 kobo, Cutix Plc appreciated by eight per cent to close at N2.70 kobo while Linkage Assurance gained 7.69 per cent to close at 98 kobo.
Volume of trades increased by 28.63 million, as investors traded 320.346 million shares valued at N3.729 billion in 5176 deals against 291.714 million shares worth N7.432 billion in 6213 deals.
Transactions in the shares of Fidelity Bank led market activities with 80.045 million shares valued at N595.543 million.
Transnational Corporation of Nigeria followed with 34.268 million shares worth N137.206 million, United Bank for Africa traded 24.398 million shares worth N340.020 million.
Universal Insurance traded 22.429 million shares worth N5.062 million, FBNHoldings exchanged 19.096 million shares valued at N353.481 million.
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