Nigeria : Stock market extends losses as capitalisation dips by N27b

  • 31 March 2022 / News / 405 / Fares RAHAHLIA


Nigeria :  Stock market extends losses as capitalisation dips by N27b

Following losses suffered by most blue-chip stocks, especially International Breweries and Veritas Kapital, the Nigerian Exchange Limited (NGX) extended its bearish run to the second trading session, yesterday, as market capitalisation declined further by N27 billion.

The all-share index (ASI) declined by 50.77 per cent, representing a decrease of 0.11 per cent, to close at 46,843.09 points. Similarly, the overall market capitalisation value lost N27 billion to close at N25.246 trillion.

The negative performance was driven by price depreciation in large and medium capitalised stocks which are: Stanbic IBTC Holdings, International Breweries, Zenith Bank, Access Holdings and Oando.

On market outlook, analysts at GTI Securities Limited said: “Bearish sentiment persists as sell-offs continue across major sectors. We expect this to continue this week with uncertainty hovering around the equity market.”

Analysts from Vetiva Dealings and Brokerage said: “Baring block transactions in recent sessions, the activity level has been relatively tepid with investors’ sentiment tilting towards the bears. We are likely to see recoveries in some of the sectors tomorrow amid lower entry points.”

The market breadth was negative as 18 stocks lost relative to 16 gainers. PZ Cussons Nigeria recorded the highest price gain of 9.80 per cent to close at N11.20 kobo.

Japaul Gold and Ventures followed with a gain of 9.68 per cent to close at 34 kobo and FCMB Group up by 9.32 per cent to close at N3.40 kobo. Consolidated Hallmark Insurance rose by 4.92 per cent to close at 64 kobo.

NPF Microfinance Bank also gained 3.81 per cent to close at N2.45 kobo.

On the other hand, International Breweries led the losers’ chart by 10 per cent to close at N4.50 kobo. Veritas Kapital Assurance followed with a decline of 8.7 per cent to close at 21 kobo, while FTN Cocoa processors lost 5.71 per cent to close at 33 kobo.

Fidelity Bank declined 4.88 per cent to close at N3.12, while Chams shed 4.76 per cent to close at 20 kobo.

Also, the total volume traded declined by 40.4 per cent to 214.328 million units, valued at N1.79 billion, and exchanged in 4,125 deals. Transactions in the shares of Chams topped the activity chart with 30.403 million shares valued at N6.082 million.

Access Holdings followed with 30.296 million shares worth N305.509 million, while Transnational Corporation of Nigeria traded 20.506 million shares valued at N20.435 million.

FBN traded 18.517 million shares valued at N216.382 million, while eTranzact International transacted 13.084 million shares worth N34,676 million.


source: guardian.ng

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