Neg­a­tive sen­ti­ment shaves off N77bn from stock mar­ket

Daily Trust - - BUSINESS - From Omobayo Azeez, La­gos

The two ma­jor in­di­ca­tors at the Nige­rian stock mar­ket yes­ter­day plunged 0.79 per cent to close on the red ter­ri­tory.

The loss was at­trib­uted to a de­cline in in­vestors’ con­fi­dence that ran through the ses­sion; and which has since be­come in­creas­ingly per­va­sive af­ter the half year fi­nan­cial re­ports by some com­pa­nies listed on the bourse turned out to be un­favuorable to in­vestors’ in­ter­est.

In re­spect of yes­ter­day’s trad­ing, the neg­a­tive sen­ti­ment shaved the off to­tal eq­ui­ties value by N77 bil­lion to close mar­ket cap­i­tal­iza­tion at N9.616 tril­lion and sim­i­larly, the NSE All-Share In­dex, fall­ing by 223.89 ba­sis points to close at 27,997.29 points.

The neg­a­tive trend on the mar­ket, also af­fected mar­ket breadth, turnover and trans­acted deals as they all fol­lowed suit to end the ses­sion.

Of the 49 stocks that traded on floor, de­clin­ing stocks out­num­bered ad­vanc­ing ones in the ra­tio 35 to six, while eight other stocks closed flat as at the ring­ing of the clos­ing gong.

The Nige­rian Brew­eries Plc topped the gain­ers’ list with a gain of N1.9 kobo on each shared traded to close at N137 per share while on the other, Nes­tle Nige­ria Plc led 34 other stocks, in the losers’ camp, as its share price de­pre­ci­ated N15 and closed at N835 per share.

As re­gards mar­ket turnover, traded vol­ume and value recorded a de­cline change of 26.66 per cent and 10.47 per cent re­spec­tively.

In­vestors ended the ses­sion trad­ing 227.135 mil­lion shares worth N1.808 bil­lion in 3,426 trades as com­pares with 309.72 mil­lion shares val­ued at N2.084 bil­lion that ex­changed hands in 3,934 deals on Wed­nes­day.

Mean­while, some an­a­lysts have con­cluded by say­ing that the mar­ket can only an­tic­i­pate over­all bear­ish per­for­mance for the week fol­low­ing the N24 bil­lion loss on Mon­day, N85 bil­lion and N91 bil­lion on Tues­day and Wed­nes­day re­spec­tively; and the re­cent lack­lus­ter half-year (H1) earn­ings re­leases.

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