Profit-Takings Wipe Off N91bn from Nigerian Stock Market
Bearish sentiments persisted on the Nigerian Exchange on Tuesday, causing investors to lose about N91 billion in market value. Selloffs in McNicholas, Lasaco Assurance, Livestock Feeds, John Holt, Ikeja Hotel and 31 other declining stocks dragged the market into negative territory.
The market capitalisation of listed equities, which opened at N98.698 trillion, shed N91 billion or 0.09 per cent to close at N98.607 trillion. Similarly, the All-Share Index fell by 0.09 per cent or 132.95 points to close at 155,363.20, compared with 155,496.15 posted on Monday.
Market breadth remained negative with 36 losers against 30 gainers, reflecting the weak investor sentiment. McNicholas led the losers’ table by 8.81 per cent to close at N3, while Lasaco Assurance dropped by 8.62 per cent to N2.65 per share.
Livestock Feeds declined by 7.69 per cent to close at N7.20, John Holt lost 7.69 per cent to end at N6, while Ikeja Hotel shed 7.32 per cent to finish at N19. Sovereign Trust Insurance topped the gainers’ list, rising by 9.88 per cent to close at N4.45, while Aso Savings followed with a 9.72 per cent gain to 79k.
Berger Paints rose by 9.25 per cent to end at N42.50, Wapic Insurance appreciated by 6.90 per cent to N3.10, while AIICO Insurance gained 6.13 per cent to N3.98. Trading activity showed a decline in deals in spite of improved market volume and value.
A total of 525.4 million shares worth N25.4 billion were exchanged in 32,430 deals, against 503 million shares worth N24.9 billion in 39,972 deals on Monday. Sovereign Trust Insurance emerged as the most traded stock by volume with 42.6 million shares worth N187.3 million.
Fidelity Bank followed with 41.9 million shares valued at N797.2 million, while FirstHoldCo traded 37.7 million shares worth N1.19 billion. Zenith Bank recorded 28.1 million shares valued at N1.8 billion, while Stanbic IBTC transacted 27.5 million shares worth N3.03 billion. CBN Allots N2.1trn OMO Bills to Investors at Decent Rates
