Investors lose N49bn as equities market extends losing streak
BY TEMITOPE ADEBAYO
The Nigerian equities market yesterday maintained its downward trajectory as selloffs on Conoil Plc and 31 others dragged the bourse down by N49 billion.
The All-Share Index (ASI) lost 77.37 points, representing a decline of 0.07 per cent to close at 106,090.38 points. Also, market capitalisation declined by N49 billion to close at N66.436 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Conoil, Berger Paints Nigeria, Nigerian Exchange Group, Africa Prudential and Dangote Sugar Refinery.
On market performance, Afrinvest Limited said “we expect further profit-booking to shape sentiment, reinforcing the bearish tone in the market.”
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Investor sentiment, as measured by market breadth closed negative as19 stocks advanced, while 32 declined. Tantalizer emerged the highest price gainer of 9.79 per cent to close at N3.14, per share. Secure Electronic Technology followed with a gain of 9.68 per cent to close at 68 kobo, while Caverton Offshore Support Group rose by 9.09 per cent to close at N3.00, per share.
FTN Cocoa processors grew by 6.51 per cent to close at N1.80, while Jaiz Bank rose by 6.04 per cent to close at N3.51, per share.
On the other side, Conoil led the losers’ chart with 10 per cent to close at N331.20, per share. Berger Paints followed with a decline of 9.81 per cent to close at N18.85, while International Energy Insurance shed 9.79 per cent to close at N1.75, per share.
Multiverse Mining & Exploration declined by 9.66 per cent to close at N7.95, while Regency Alliance Insurance dipped by 8.70 per cent to close at 63 kobo, per share.
The total volume traded rose by 361.8 per cent to 1.499 billion units, valued at N10.259 billion, and exchanged in 11,748 deals. Transactions in the shares of Sovereign Trust Insurance led the activity with 989.733 million shares worth N987.477 million. Jaiz Bank followed with account of 187.354 million shares valued at N628.093 million, while Secure Electronic Technology traded 43.512 million shares valued at N28.621 million.
Zenith Bank traded 22.810 million shares worth N1.085 billion, while United Capital traded 18.282 million shares worth N346.426 million.
