Airline Services, Neimeth, others lead stock market’s N164 billion loss

THE bears strengthened their hold on the equity sector of the Nigerian Stock Exchange (NSE), as most bluechip companies, especially Airline Services, and Neimeth constituted the losers’ chart, causing market capitalisation to plunge further by N164billion.

Specifically, at the close of transactions yesterday, the All-share Index (NSE-ASI) shed 450.91 absolute points, representing a decline of 1.29 per cent to close at 34,618.43 points, resulting to year-to-date loss of 9.48 per cent.

Also, the market capitalisation declined by N164billion to close at N12.639trillion.

The decline was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Total Nigeria, United Bank for Africa (UBA), Airline Services and Logistics, and NASCON Allied Industries.

Analysts at Afrinvest Limited, said: “Although the bearish trend persisted yesterday, we believe the market may rebound to close the week. Our point is hinged on the improving investor sentiment observed yesterday.”

Market breadth closed negative, with 17 gainers versus 29 losers. Equity Assurance recorded the highest price gain of 10 per cent, to close at 22kobo per share.

Portland Paints & Products Nigeria followed with a gain of 9.78 per cent to close at N2.47, while Linkage Assurance appreciated by 8.82 per cent to close at 74kobo per share.

Oando appreciated by 8.79 per cent to close at N4.95, while AXA Mansard gained 6.30 per cent to close at N2.53 per share.

On the other hand, Airline Services and Logistics led the losers’ chart by 10 per cent, to close at N4.05 per share.

Neimeth International Pharmaceuticals followed with a loss of 9.59 per cent to close at 66kobo, while Skye Bank shed 8.77 per cent to close at 52kobo per share. Continental Reinsurance declined by 8.50 per cent to close at N1.40, and Regency Alliance Insurance shed 8.33 per cent to close at 22kobo per share.

However, the total volume traded rose by 13.5 per cent to 237.81 million shares worth N3.092billion, traded in 3,162 deals.

Transactions in the shares of UBA topped the activity chart with 36.5 million shares valued at N319.44million. Guaranty Trust Bank followed with 23.46 million shares worth N892.37million, while FBN Holdings traded 20.99 million shares valued at N203.3million.

Zenith Bank traded 17.35 million shares valued at N398.38million, while International Breweries transacted 13.12 million shares worth N461.83million.