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Sell pressure: Nigeria bourse drops further by N20bn



The Nigerian bourse on Thursday sustained its bearish run for the fourth consecutive day with a loss of N20 billion, due to sell-offs across large capitalised stocks.

Specifically, the market capitalisation which opened at N10.880 trillion lost N20 billion to close at N10.860 trillion.

Similarly, the All-Share Index closed lower at 26,896.25 losing 70.16 points or 0.24 per cent compared with 28,896.25 recorded on Wednesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Julius Berger, Zenith Bank, Caverton Offshore Support Group, UACN and Nigerian Breweries.

Analysts at United Capital Limited stated that “The major reason for the relatively lacklustre performance by the NSE can be attributed to lack of foreign interests, most likely as a result of uncertainties around the current administration as regards the team it will employ to implement its policies.

Additionally, inactivity at the primary market segment has continued to make the market less attractive to Foreign Portfolio Investors.”

Market breadth was negative, with eight gainers against 19 losers.

Veritas Kapital Assurance recorded the highest price gain of 10 per cent, to close at 22k per share.

It was trailed by AXA Mansard Insurance followed with a gain 5.41 per cent to close at N1.95, while FCMB Group appreciated by five per cent to close at N1.89, per share.

Regency Alliance Insurance went up by four per cent to close at 26k, while Africa Prudential appreciated by 3.15 per cent to close at N3.93, per share.

Conversely, Japaul Oil & Maritime Services led the losers’ chart by 10 per cent, to close at 27k per share.

Caverton followed with a decline of 9.96 per cent to close at N2.44, while Neimeth International Pharmaceuticals depreciated by 9.84 per cent to close at 55k per share.

Chams dropped by 9.33 per cent to close at 44k, while AG Leventis & Company shed 7.69 per cent to close at 24k per share.

Also, the total volume traded declined by 33.74 per cent with an exchange of 215.20 million shares valued at N2.05 billion traded in 5,646 deals.

This was in contrast with a total of 324.81 million shares worth N3.24 billion transacted in 3,631 deals on Wednesday.

Transactions in the shares of Access Bank topped the activity chart with 40.70 million shares valued at N283.47 million.

Zenith Bank followed with 28.61 million shares worth N576.45 million, while Stering Bank traded 23.79 million shares valued at N63.99 million.

Guaranty Trust Bank traded 12.78 million shares valued at N414.72 million, while Lasaco Assurance transacted 10.73 million shares worth N3.22 million.

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