Stock Market Bleeds Deep ahead of Election
Dropping low from N30 trillion level, the Nigerian equities market was cut deep Thursday as a result of ongoing profit-taking activities in the local bourse. Data from the Nigerian Exchange indicates that loss-making streaks hit the fifth successive session.
With sustained moderation in year-to-date return, key performance indicators have declined amidst rising headline inflation rate and worsening local currency. The All Share Index (ASI) fell by 574.59 absolute points, representing a decrease of 1.04 per cent to close at 54,915.61 points.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Sugar Refinery, MTN Nigeria Communications (MTNN), Ecobank Transnational Incorporated (ETI), United Capital and Industrial & Medical Gases Nigeria.
Market breadth remained negative as 25 stocks lost relative to eight gainers. Chams Holding Company recorded the highest price gain of 8.7 per cent to close at 25k, per share.
University Press followed with a gain of 7.57 per cent to close at N1.99, while LivingTrust Mortgage Bank gained 3.37 per cent to close at N3.07, per share. Sterling Bank appreciated by 2.67 per cent to close at N1.54, while Zenith Bank rose by 2.52 per cent to close at N24.45, per share.
On the other hand, ETI led the losers’ chart by 10 per cent to close at N10.80, per share. Industrial & Medical Gases Nigeria followed with a decline of 9.32 per cent each to close at N7.30, while Royal Exchange lost 8.22 per cent to close at 67k, per share.
R.T. Briscoe Nigeria shed 7.69 per cent to close at 24k, while International Energy Insurance shed 6.92 per cent to close at N1.21, per share.
Meanwhile, the total volume of trades decreased by 24.23 per cent to 137.287 million units, valued at N1.510 billion, and exchanged in 3,489 deals.
Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 26.085 million shares valued at N33.979 million.
Zenith Bank followed with 14.721 million shares worth N353.890 million, while Sterling Bank traded 13.231 million shares valued at N20.019 million.
United Bank of Africa (UBA) traded 10.242 million shares valued at N81.385 million, while Access Holdings transacted 7.626 million shares worth N66.201 million.
Sectoral performance was broadly negative, as the Banking (-1.0%), Insurance (-0.4%), Consumer Goods (-0.2%), and Industrial Goods (-0.1%) indices printed losses, while the Oil & Gas index closed flat.
Overall, investors lost N313 billion in value as market capitalisation declined to N29.916 trillion. #Stock Market Bleeds Deep ahead of Election Naira Steadies as Banks Issue Update on FX Purchase