Selloffs Drag Nigerian Exchange Lower by N67bn

Selloffs Drag Nigerian Exchange Lower by N67bn

The Nigerian equities market continued its downward trend as profit-taking activities in GEREGU (-6.5%) and ZENITHBANK (-4.6%) caused a 0.5% decline in the All-Share Index to 55,490.20 points.

The equities market extended its bearish run on Wednesday as investors began to reshuffle portfolios; starting with selling rallies in Geregu and banking stocks. The All-Share Index lost 232.70 points or 0.42 per cent to close at 55,490.20 basis points, from 55,722.90 basis points posted on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Guaranty Trust Holding Company (GTCO) and Geregu Power.

Consequently, year-to-date returns moderated to 8.27 per cent. United Capital, however, led the losers’ chart in percentage terms with 8.75 per cent to close at N11.70, per share. Universal Press followed with 7.50 per cent to close at N1.85, per share.

Glaxosmith shed 7.46 per cent each to close at N6.20, while Neimeth lost 7.01 per cent to close at N1.46, per share. Conversely, Prestige Assurance led the gainers’ chart in percentage terms, gaining 7.89 per cent to close at 41k, per share.

Veritas Kapital followed with an appreciation of five per cent to close at 21k, while NGX Group lost by N4.87 per cent to close at N28, per share. Unilever declined by 3.7 per cent to close at N14, while Japaul and Ventures rose by 3.57per cent to close at 29k, per share.

GTCO topped the activity chart with an exchange of 33.85 million shares valued at N841.95 million.

Transcorp followed with 21.13 million shares worth N26.62 million, while Zenith Bank traded 18.56 million shares valued at N454.67 million. Flour Mills sold 18.49 million shares worth N537.14 million, while United Bank for Africa UBA) transacted 21.97 million shares worth N5.33 million.

In all, the total volume of shares traded dropped by nine per cent as investors bought and sold 181.19 million shares worth N3.41 billion in 3,908 deals. Overall, the equities market capitalisation lost N67 billion to close at N30.228 trillion compared to N30.355 trillion recorded on Tuesday.

On sectors, the Banking (-2.0%) and Consumer Goods (-0.3%) indices declined, while the Industrial Goods and Oil & Gas indices closed flat. The Insurance (+0.4%) index was the sole gainer for the day. # Selloffs Drag Nigerian Bourse Lower by N67bn

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