Stock market loses N426bn as sell-off persists

The equity market closed on a bearish note on Tuesday as market capitalisation closed at N26.188 trillion from the N26.614 trillion the previous day, a loss of N426.06 billion.

Also, the All-Share Index (ASI) closed at 48,554.76 from 49,370.62 on Monday, representing a decrease of 1.60 per cent.

The performance of the market was largely driven by negative outing of
high capitalised stocks such as Dangote Cement, SEPLAT, BUA Cement and BUA Foods.

Analysts at the GTI Research said, “Sell off persists due to growing concerns about the state of the economy.

“Barring any unforeseen events, we expect negative sentiments to persist this week.”

The market breadth was negative with nine gainers and 21 losers.

FTN Cocoa Processors and NEM Insurance led the gainers’ chat with 10 per cent each closing at 33k an N4.40 per share respectively.
Honeywell Flour Mill followed with 9.89 per cent to close at N2.89 per share.

Also, University Press grew by 9.88 per cent to close at N1.89 per share, while Mutual Benefits Assurance gained by 7.41 per cent to close at 29k.

On the losing side, BUA Foods lost by 9.92 per cent to close at N54 per share.

Northern Nigeria Flour Mills declined by 9.88 per cent to close at N7.75 per share, while Seplat Petroleum Development Company fell by 8.44 per cent to close at N1,300 per share.

Eterna Oil went down by 8.33 per cent to close at N6.05 per share and Nigerian Aviation Handling Company (NAHCO) depreciated by 7.56 per cent to close at N5.50 per share.

The market recorded a turnover of 204.15 million shares worth N3.18 billion in 3,533 deals.

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This was an increase of 66.34 per cent when compared with 122.74 million of share units worth N1.3 billion in 3,915 deals on Monday.

Mutual Benefits Assurance recorded the highest volume of 44 million traded shares units worth N12.76.

Zenith Bank followed by trading 25.2 million share units valued at N254.79 million while FBN Holdings sold 22.09 million share units worth N236.88 million.

Access Holdings traded 13 million share units valued at 107.73 million and United Bank for Africa (UBA) sold 11.17 amounting to N78.84 million.

The Star