Weak sentiments persisted on the equities sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks suffered price fall, causing investors to lose N68 billion in four trading days.
Specifically, the market capitalisation, which opened at N12.913 trillion on Monday, stood at N12.845 trillion on Thursday, shedding N68 billion, while the All-share index slipped by 128.68 or 0.5 per cent from 24,753.92 points to 24,625.24.
Yesterday’s downturn was impacted by losses recorded in large and medium value stocks, amongst which were; MTN Nigeria Communications (MTNN), Zenith Bank, Linkage Assurance, FBN Holdings (FBNH), and Japaul Oil and Maritime Services.
Also, analysts at Vetiva Dealing and Brokerage firm, said: “In the face of uncertainties in the global space, coupled with a number of domestic challenges, the domestic equities market has been significantly pressured in recent times with declines recorded so far in the week.
“With tomorrow (today) being the last trading session of the week, we anticipate an extended bearish performance as well as a negative week-on-week (WoW) figure, though the change in market breadth to the positive side might signify a trend reversal.”
However, market breadth was positive, with nine gainers versus eight losers. Neimeth International Pharmaceuticals recorded the highest price gain of 9.65 per cent to close at N1.25 per share. Wema Bank followed with 9.09 per cent to close at 60 kobo, and Chams rose 4.35 per cent to close at 24 kobo, per share.
May and Baker Nigeria added 3.09 per cent to close at N3.00, while Ecobank Transnational Incorporated (ETI) added 2.13 per cent to close at N4.80, per share.
On the other hand, Linkage Assurance led the losers’ chart by 9.43 per cent to close at 48 kobo per share. Japaul Oil and Maritime Services followed with 7.69 per cent to close at 24 kobo, and Livestock Feeds lost 2.86 per cent to close at 68 kobo, per share.
The total volume of trade fell by 31.2 per cent to 130.28 million units valued at N1.625 billion, exchanged in 3,413 deals. Transactions in the shares of Zenith Bank topped the activity chart with 18.954 million shares at N308.38 million.
Transcorp followed with 16.065 million shares worth N11.268 million, and FBNH traded 9.932 million shares valued at N52.511 million.
Mutual Benefits Assurance traded 6.944 million shares at N1.506 million, while Guinness Nigeria transacted 6.427 million shares worth N96.648 million.
