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Bearish sentiments in highcap stocks pull indices down by N9bn

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The bearish sentiments witnessed in the Nigerian equities market extended into the third consecutive session, as sell pressure in highly capitalised stocks persisted, resulting to a further slide in market capitalisation by N9 billion.

Specifically, at the close of trading yesterday, the All -Share Index (ASI) shed 19.89 absolute points, representing a dip of 0.07 per cent to close at 29,375.25 points. Similarly, the market capitalisation lost N9 billion to close at N12.948 trillion.

Wednesday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which were, Mobil Nigeria, Total Nigeria, Okomu Oil, Julius Berger, and Fidson Healthcare.

Analysts at Afrinvest Limited, said: “Market performance was bearish, and we expect this to be sustained in subsequent sessions as investor sentiment stays soft. However, we do not rule out the possibility of some end of the week bargain hunting as investors take advantage of attractive market prices.”

Also, market breadth was negative with 16 gainers against 23 losers.
BOC Gases Nigeria recorded the highest price gain of 9.93 per cent to close at N4.54 per share. Academy Press followed with 9.68 per cent, to close at 34, while Wapic Insurance rose 9.30 per cent to close at 47 kobo, per share.

Japaul Oil & Maritime Services gained 8.70 per cent to close at 25 kobo, while Oando added 8.22 per cent to close at N3.95, per share. On the other hand, Morison Industries led the losers’ chart with 10 per cent to close at 54 kobo. Fidson Healthcare followed with 9.90 per cent to close at N4.55, while Mobil Nigeria shed 9.71 per cent to close at N158, per share.

Mutual Benefits Assurance fell 9.09 per cent to close at 20kobo, while Julius Berger lost 8.9.93 per cent to close at N19.95, per share.

The total volume traded rose 18.45 per cent to 237.71 million units, valued at N1.98 billion, exchanged in 4,113 deals. Morison Industries traded 44.54 million shares valued at N24.05 million.

United Bank for Africa (UBA) followed with 34.12 million shares worth N209.59 million, while Sterling Bank traded 32.09 million shares at N72.11 million.

Zenith Bank traded 28.19 million shares valued at N541.15 million, while FBN Holdings transacted 20.04 million shares worth N128.12 million.

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