Yesterday, the Nigerian Exchange Limited (NGX) extended its losing streak to two sessions as more blue-chip stocks, such as Portland Paints and Products and BUA Cement, declined, resulting in a 0.72 percent drop in the All-Share Index (ASI).
The all-share index (ASI) fell by 283.95 points, or 0.72 percent, to close at 39,022.52, while the total market capitalization fell by N148 billion to N20.339 trillion.
Price depreciation in large and medium capitalised stocks, such as BUA Cement, Portland Paints & Products Nigeria, SCOA Nigeria, FBN Holdings, and Zenith Bank, drove the market down.
“We expect the performance at the local bourse to remain bearish in the coming trading session due to the absence of the positive catalyst,” Afrinvest Limited analysts said.
“With market sentiment continuing to deteriorate, we expect market performance to remain negative,” Vetiva Dealing & Brokerage said. However, we expect some investors to cherry-pick some undervalued stocks.”
Market sentiment was negative as measured by market breadth, with 16 stocks rising and 22 falling.
Associated Bus Company and The Initiates Plc each saw a 10% price increase to close at 44 kobo, while Eterna saw a 9.93% increase to close at N7.97 kobo.
Wema Bank gained 5.45 percent to close at 58 kobo, while Transcorp Hotels gained 9.85 percent to close at N3.57 kobo. Portland Paints & Products Nigeria, on the other hand, led the losers’ list with a 9.85 percent drop to N2.47 kobo. Champion Breweries fell 9.68% to close at N1.96, while SCOA Nigeria fell 9.30% to close at N1.95 kobo.
Regency Alliance Insurance lost 8.11 percent of its value to close at 34 kobo, while SUNU Assurances lost 7.41 percent to close at 50 kobo.
The overall volume of trades fell by 42.8 percent to 204.647 million units worth N1.84 billion, which were traded in 3,940 transactions.
Courteville Business Solutions’ stock topped the activity list, with 27.122 million shares worth N5.465 million changing hands. Fidelity Bank came in second with 23.406 million shares worth N54.207 million, and Zenith Bank came in third with 18.545 million shares worth N435.532 million.
Transnational Corporation of Nigeria (Transcorp) traded 10.906 million shares worth N9.598 million, while Access Bank traded 11.499 million shares worth N94.606 million.