Stock Market Extends Losing Streak by N394bn in Bearish Trading

Samuel Mobolaji

Nigerian equities yesterday sustained negative position as investors’ investments went down by N394 billion, propelled by the loss in Aradel Holdings Plc and 31 others.

The All-Share Index (ASI) lost 650.83 points, representing a decline of 0.66 per cent to close at 98,058.07 points. Also, market capitalisation depreciated by N394 billion to close at N59.418 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, Transnational Corporation (Transcorp), Stanbic IBTC Holdings, Cadbury Nigeria and Access Holdings.

As measured by market breadth, market sentiment was negative, as 26 stocks gained relative to 32 losers. Northern Nigeria Flour Mills (NNFM) emerged the highest price gainer of 10 per cent to close at N37.40, per share. Eunisell Interlinked followed with a gain of 9.87 per cent to close at N4.23, while The Initiates Plc (TIP) advanced by 9.81 per cent to close at N2.35, per share.

Livestock Feeds appreciated by 7.73 per cent to close at N4.04, while CWG rose by 4.96 per cent to close at N6.35, per share. On the other side, Cadbury Nigeria led others on the losers’ chart with 9.89 per cent to close at N16.40, per share. Academy Press followed with a decline of 9.87 per cent to close at N2.83, while Royal Exchange shed 9.72 per cent to close at 65 kobo, per share.

Aradel Holdings shed 8.33 per cent to close at N550.10, while Sovereign Trsut Insurance depreciated by 8.06 per cent to close at 57 kobo, per share.

The total volume of trades rose by 1 3.1 per cent to 399.325 million units, valued at N8.926 billion, and exchanged in 9,547 deals.

Transactions in the shares of United Bank for Africa (UBA) led the activity with 90.409 million shares worth N2.608 billion. Chams Holding Company followed with account of 80.603 million shares valued at N162.010 million, while Transcorp traded 31.679 million shares valued at N1.559 billion.

Zenith Bank traded 22.855 million shares worth N892.156 million, while Access Holdings traded 15.718 million shares worth N346.340 million.