The Nigerian Stock Exchange (NSE) extended the bearish sentiments at the reopening of transactions yesterday, even as more blue-chip stocks depreciated in price, especially Beta Glass and Julius Berger, resulting in a further slide in the market capitalisation by N162 billion.
Yesterday, the All Share Index (ASI) shed 310.07 points or 1.27 per cent to 24,026.05 points. Accordingly, investors lost N162 billion in value as market capitalisation dropped to N12.533 trillion.
The downturn was impacted by losses recorded in medium and large value stocks, including Nestle Nigeria, Beta Glass, BUA Cement, Julius Berger, and C & I Leasing.
Analysts at Afrinvest Limited, said: “We expect bargain hunting to drive gains in the next trading session.”
Also, analysts at APT Securities and Funds Limited, said: “We expect a slowdown in market activity in a short while before positive rally picks up in mid to long term owing to anticipatory half year earnings release.”
Flour Mills of Nigeria rose 5.11 per cent to close at N18.50, and Regency Alliance Insurance garnered 4.76 per cent to close at 22 kobo, per share.
On the other hand, Beta Glass led the losers’ chart by 9.95 per cent to close at N61.55, and Julius Berger followed with 9.81 per cent to close at N16.55, per share.
Livestock Feeds lost 9.68 per cent to close at 56 kobo, while Prestige Assurance and Unity Bank shed 9.62 per cent each to close at 47 kobo each, per share.
However, the total volume traded rose 33.5 per cent to 189.691 million shares worth N2.785 billion, traded in 4,216 deals.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 60.469 million shares valued at N1.276 billion.
Access Bank followed with 25.335 million shares worth N161.348 million, while United Bank for Africa (UBA) traded 8.778 million shares at N53.215 million.
FBN Holdings traded 8.498 million shares valued at N42.749 million, and Zenith Bank transacted 7.996 million shares worth N125.818 million.
