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Investors’ wealth plummet further by N18 billion - Edoman - 11-08-2019
Investors’ wealth plummet further by N18 billion
[url=https://guardian.ng/business-services/financial-inclusion-gets-a-boost-in-imo-with-500000-agents/][/url]
The bears further strengthened their hold on the equities sector of the Nigerian Stock Exchange (NSE) yesterday, following selloffs on some prime stocks, as investors’ wealth declined further by N18billion.
Specifically, at the close of trading Thursday, the All Share Index (ASI) decreased by 35.42 absolute points or 0.14 per cent to close at 26,188.24 points. Similarly, the market capitalisation lost N18billion to close at N13.748 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Unilever Nigeria, Stanbic IBTC Holdings, Cadbury Nigeria, Dangote Sugar Refinery, and Fidson Healthcare.
Analysts at Afrinvest Limited, said:“We believe the bearish momentum will be sustained in subsequent sessions as investors maintain a risk-off approach towards equities.”
Market breadth closed negative, with nine gainers versus 16 losers. Regency Alliance Insurance recorded the highest price gain of five per cent to close at 21 kobo, per share. Chams followed with a gain 4.35 per cent to close at 24 kobo, and Jaiz Bank 3.77 per cent to close at 55 kobo, per share.
Aiico Insurance rose 2.94 per cent to close at 70 kobo, while Guaranty Trust Bank gained 2.86 per cent to close at N27, per share.
On the other hand, Unilever Nigeria led the losers’ chart with 9.98 per cent to close at N21.65 per share. Fidson Healthcare followed with 9.97 per cent to close at N3.25, and Union Diagnostic & Clinical Services 8.33 to close at 22 kobo, per share.
Honeywell Flour Mills lost 8.16 per cent to close at 90 kobo, while NPF Microfinance Bank shed 7.56 per cent to close at N1.10, per share.
However, the total volume traded increased by 212.72 per cent to 726.19 million shares worth N2.97billion, traded in 3,040 deals.
Transactions in the shares of Jaiz Bank topped the activity chart with 502.02 million shares valued at N271.11 million.
Access Bank followed with 84.33 million shares worth N705.98 million, while Zenith Bank traded 52.94 million shares at N907.32 million.
Lafarge Africa traded 20.17 million shares worth N282.42 million, while FBN Holdings transacted 12.46 million shares at N68.36 million.