Following losses in major blue-chip stocks, including CWG, International Breweries, and Champion Breweries, the nation’s equities market resumed on a sour note yesterday, triggering a N71 billion drop in market capitalization.
The All-Share Index (ASI) fell 136.30 absolute points, or 0.36 per cent, to close at 37,857.89 points yesterday. Similarly, the whole market capitalization dropped N71 billion to N19.725 trillion.
Price depreciation of large and medium capitalised equities, such as MTN Nigeria Communications (MTNN), Zenith Bank, BUA Cement, International Breweries, and Lafarge Africa, drove the market collapse.
“We predict some profit-taking inequities that rallied the prior week this week,” United Capital Plc analysts said. However, we anticipate a bullish market sentiment.”
“We predict mixed activity level in tomorrow’s session as investors continue to cherry-pick appealing companies and sell down past gainers while anticipating results release,” stated Vetiva Dealing and Brokerage. The market, on the other hand, was upbeat, with 16 equities rising and 13 falling.
On the price movement chart, CWG Plc led the losers’ list with a 9.52 per cent drop to N1.14 kobo, followed by International Breweries with a 5.66 per cent drop to N5.00, and Champion Breweries with a 3.23 per cent drop to N2.10 kobo.
With a gain of 9.89% to close at N1.00 kobo, Tripple GEE and Company was the day’s best performer. Regency Alliance Insurance rose 8.89% to settle at 49 kobo, while UPDC Real Estate Investment Trust rose 7.44% to N1.30 kobo.
FTN Cocoa Processors gained 5.88% to close at 36 kobo, while Mutual Benefits Assurance gained 5% to close at 42 kobo.
FBN Holdings down 2.60 per cent to N7.50 per share, while AXA Mansard Insurance fell 2.25 per cent to 87 kobo per share.
The entire amount of trades fell by 22.6 per cent to 187.244 million units worth NGN2.890 billion, with 4,017 transactions. Zenith Bank’s shares were the most actively traded, with 35.319 million shares worth N870.866 million changing hands.
Sovereign Trust Insurance came in second with 14.155 million shares valued at N3.946 million, followed by United Bank for Africa with 14.110 million shares at N106.098 million.
Mutual Benefits Assurance exchanged 13.544 million shares worth N5.566 million, while Transnational Corporation of Nigeria (Transcorp) exchanged 11.466 million shares worth N10.420 million.