The sell-off continues as losses push the indices down by N28 Billion

The All Share Index (ASI) fell by 51.24 absolute points, or 0.10 percent, to close at 51,339.01 points yesterday as trading came to an end. To end at N27.685 trillion, the market capitalization also shed N28 billion.

Losses in medium and large capitalized equities, including Zenith Bank, Champion Breweries, International Breweries, UPDC Real Estate Investment Trust (UPDCReit), and Lafarge Africa, had an impact on the downturn.

According to analysts at GTI: Securities Limited, who were reviewing market performance, “Equities market closed negative with a prevalent sell-off trend. Throughout the week, cautious trading is what we anticipate.

“While expected, the market finished out mixed with a little recovery in market sentiment, as activity level remained low,” analysts at Vetiva Dealings and Brokerage stated. We predict a quiet end to the week, barring any significant transactions that would boost market activity tomorrow.

However, market breadth, which gauges investor sentiment, remained upbeat as 15 stocks rose in value relative to 10 declining ones.

The day’s biggest price loser was Champion Breweries, which lost 8.74 percent to settle at N3.55 kobo. Ikeja Hotel came in second, losing 7.69 percent to close at N1.20 kobo. To close at N5.50 kobo, International Breweries lost 5.17 percent of its value. Multiverse lost 4.76 percent of its value to end the day at N1.80 kobo. The price of UPDC Reits fell 4.17 percent to finish at N1.16 kobo.

To close at N1.16 kobo, UPDC lost 3.33 %. Zenith Bank lost 1.56 percent of its value to end the day at N22.10 kobo. To close at 89 kobo, JohnHolt lost 1.11 percent of its value. Access Corp closed at N9.25 kobo after losing 54%. Lafarge WAPCO also had a 38% decline, finishing at N25.90 kobo.

However, Academy Press saw the greatest price increase, up 8.70% to N2.25 per share. Computer Warehouse Group (CWG) increased by 7.95% to close at 95 kobo, per share, while Regency Alliance Insurance gained 8.00% to settle at 27 kobo.

Nigerian Aviation Handling Company (NAHCO) gained 5.00% to settle at N8.40 a share, while Cutix gained 7.27% to close at N2.36.

BUAfoods increased by 4.74% to close at N50.80 kobo. To close at 25 kobo, Chams gained 4.17 percent. In order to close at N1.96 kobo, mansard increased by 3.16 percent. To close at N1.38 kobo, Caverton climbed by 2.99 %. TransNational Corporation gained 2.44 percent as well, ending the day at N1.26 kobo.

With 3,731 transactions, the total volume traded fell by 42.0% to 115.410 million units, worth N1.206 billion.

Transnational Corporation of Nigeria (Transcorp) share transactions, totaling 12.182 million shares valued at N15.118 million, topped the list of activities. Following with 7.647 million shares valued at N42.769 million, International Breweries was followed by 7.408 million shares exchanged by FBN Holdings (FBNH) for N78.782 million.

Sterling Bank traded 6.445 million shares worth N9.981 million, while Zenith Bank traded 6.589 million shares valued at N148.275 million.

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