Investors' wealth dips further by N25b in bearish trading

FOLLOWING sustained sell- off in the shares of most highly capitalised stocks, the Nigeria Exchange Limited ( NGX), extended losses to three consecutive trading sessions yesterday, as investors' wealth depreciated further by N25 billion.

At the close of trading yesterday, the All- Share Index ( ASI), dipped by 46.77 absolute points, representing a decline of 0.12 per cent to close at 39,204.52 points. Similarly, the market capitalisation value lost N25 billion to close at N20.426 trillion.

Analysts at Vetiva Dealings and Brokerage said: "Despite market activity being lifted by some Tier- 1 banking and small- cap names, we continue to see stronger sell- side pressure, hence the negative close.

"We expect the market to trade in a similar pattern tomorrow barring any significant gain in any of the large cap names."

The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Bank Holding Company ( GTCO), Zenith Bank, Stanbic IBTC Holdings, International Breweries and SCOA Nigeria.

However, the market breadth closed at par, recording 15 losers and 15 gainers.

Regency Alliance Insurance recorded the highest price gain of 8.51 per cent to close at 51 kobo while Universal

Insurance followed with a gain five per cent to close at 21 kobo. Sovereign Trust Insurance went up by 4.17 per cent to close at 25 kobo.

FCMB Group rose by 3.45 per cent to close at N3.00 kobo while Oando gained 3.18 per cent each to close at N4.54 kobo.

On the other hand, SCOA Nigeria led the losers’ chart by 9.72 per cent to close at N1.30 kobo. Veritas Kapital Assurance followed with a decline of 8.70 per cent to close at 21 kobo. AXA Mansard Insurance lost 5.68 per cent to close at 83 kobo.

Chams Plc lost 4.55 per cent to close at 21 kobo while International Breweries shed four per cent to close at N4.80 kobo.

The total volume of trades decreased by 0.53 per cent to 354.061 billion units, valued at N3.203 billion, and exchanged in 4,095 deals.

Transactions in the shares of FBN Holdings ( FBNH), topped the activity chart with 86.006 million shares valued at N640.875 million.

Access Bank followed with 71.069 million shares worth N671.344 million, while Universal Insurance traded 22.318 million shares valued at N4.516 million.

Guaranty Trust Bank Holding Company ( GTCO), traded 19.443 million shares valued at N529.125 million, while Transnational Corporation of Nigeria ( Transcorp), transacted 16.102 million shares worth N14.696 million.