Stock Exchange on Tuesday: Investors Lose N364b as Bears’ Rage Continue

By Ernest Omoarelojie

At the end of trading at the floor of the Nigerian Stocks Exchange on Tuesday, the bears consolidated their hold on equity as was the case on Monday when stock movement ended negative. Investors lost N364 billion due to sell pressure on high capitalised stock.
In the main, the All-Share Index, ASI, dipped by 698.23 basis points representing a depreciation of 1.81% to close at 37,847.07 points. In like manner, market capitalisation suffered a N364 billion value loss to close at N19.725 trillion, putting the year-to-date, YTD, loss at 6.02%.
Generally, market value loss was driven by price depreciation in large and medium capitalised stocks including those of Airtel Africa, Presco, BUA Cement, Stanbic IBTC Holdings and PZ Cussons Nigeria, all of which combined in pushing the equities market to a new year low.
Investors’ sentiment, driven mainly by bearish market breadth, ended on a negative note as 18 stocks gained while 23 stocks declined.
Leading the gainers chart is Fidson Healthcare which recorded the highest price gain of 10% to close at N5.06 per share. Vitafoam Nigeria followed closely with a 9.68% gain to close at N13.60 while Red Star Express came next with a 9.55% gain to close at N3.67 per share.
Veritas Kapital Assurance, Chams, Courteville Business Solutions appreciated by 9.09% to close at 24 kobo and 5% each for the last two to also close at 21 kobo each per share.
Conversely, Airtel Africa led the losers chart with a 10% dip to close at N678.00 per share, followed by Mutual Benefits Assurance with a decline of 7.32% to close at 38 kobo. Cornerstone Insurance, Learn Africa and Ikeja Hotel came next shedding 7.27% to close at 51 kobo per share, 6.48% to close at N1.01 and 6.19% to close at 91 kobo per share respectively.
Like Monday’s trade, total volume of trades rose by 4.33% to stand at 218.271 million units, valued at N2.726 billion, all of which were exchanged in 3,524 deals.
Transactions in the shares of TransCorp topped the activity chart with 42.442 million shares valued at N37.209 million. It was followed by Vitafoam Nigeria with 20.131 million shares worth N271.571 million, while Dangote Sugar Refinery traded 17.634 million shares valued at N312.105 million.

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