Bears persist on NGX, capitalisation down N269bn

Negative sentiments persisted on the stock market on Tuesday with the market capitalisation dropping further by N269 billion, amid sell pressure in Tier-one banking stocks.

Consequently, the market capitalisation, which opened at N55.823 trillion, shed N269 billion or 0.48 per cent to close at N55.554 trillion.

Also, the All-Share Index dipped 475.2 points or 0.48 per cent to close at 98,228.50 from 98,703.68 recorded on Monday.

As a result, the Year-To-Date (YTD) fell to 31.37 per cent.

Bearish sentiment in MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company (GTCO), FBN Holdings, Access Corporation, Nigerian Breweries, Transnational Corporation, among other declined stocks further weakened the market.

Market breadth closed negative with 28 gainers and losers.

On the losers’ log, Unity Bank led by 10 per cent to close at N1.62.

FBN Holdings followed closely by 9.91 per cent to close at N25.45, while Champion lost 9.78 per cent to close at N3.32 per share.

Livestock Feed dropped 9.71 per cent to close at N1.58 and WAPIC declined by 9.33 per cent to close at 68k per share.

On the other side, Japaul Gold, May & Baker and Presco, led by 10 per cent each to close at N2.09, N6.60 and N291.50 per share, respectively.

Also, FTN Cocoa Processors rose by 8.16 per cent to close at N1.59, while Wema Bank added 7.28 per cent to close at N8.10 per share.

Analysis of the market activities also showed trade turnover settled lower relative to the previous session, with the value of transactions down by 6.76 per cent.

A total of 425.66 million shares valued at N8.35 billion were exchanged in 9,620 deals, in contrast to 421.73 million shares valued at N8.95 billion in 10,624 deals posted in the previous session.

United Bank of Africa (UBA) led the activity table in volume and value with 102.23 million shares worth N2.68 billion.

Access Corporation followed by 49.18 million shares valued at N878.41 million.

Transcorp traded 30.14 million shares worth N394.75 million, Japaul Gold transacted 28.75 million shares valued at N59.06 million and AIICO Insurance sold 22.65 million shares worth N22.78 million.