The Nigerian equities market extended its losing streak yesterday, with market capitalisation dropping sharply by N292 billion. Investors faced a rough session as the All Share Index (ASI) declined by 458.98 points, closing at 144,187.03 points, signaling a 0.32% drop in the overall market.
Price depreciation hit 38 stocks, with medium and large-cap stocks such as Oando, NEM Insurance, Wema Bank, Ikeja Hotels, and Nigerian Breweries recording notable losses. Market sentiment remained largely bearish, outpacing gains recorded by only 14 stocks, indicating persistent caution among investors.
On the upside, some stocks managed to buck the trend. NCR Nigeria led the gainers with a 10% rise to close at N37.40, followed by Royal Exchange at N1.99 with a 7.74% increase, and C&I Leasing, which grew by 6% to close at N5.30. LivingTrust Mortgage Bank and RT Briscoe also recorded modest gains of 3.87% and 3.55%, respectively.
Conversely, Neimeth International Pharmaceuticals and Omatek Ventures topped the losers’ list, each shedding 10% to close at N4.95 and N1.17 respectively. Tantalizers dropped 9.75%, International Energy Insurance fell 9.62%, while Wema Bank decreased by 8.63%, reflecting weak sectoral performance. Insurance, Banking, Oil & Gas, Commodity, and Industrial sectors all recorded declines, while Consumer Goods managed a minor gain of 0.09%.
Trading activity also slowed considerably, with total volume down 60.87% to 349.289 billion units valued at N9.298 billion, across 18,753 deals. Fidelity Bank led in traded shares with 54.262 million units worth N1.032 billion, followed by FCMB Group and Tantalizers. GTCO and Access Holdings also featured among the most actively traded stocks, highlighting targeted investor activity amid the market downturn.
source: The Guardian