By David Akinmola
The selloff continued on the equities sector of the Nigerian Exchange Limited (NGX) as price depreciation in Airtel Africa and MRS dragged market capitalisation by N571 billion.
At the close of transactions yesterday, the All Share Index (ASI) decreased by 1,048.17 points, representing a dip of 2.4 per cent to close at 44, 318. 15 points. Similarly, the market capitalisation depreciated by N545 billion to close at N24, 138 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, MRS, Ikeja Hotel, Northern Nigeria Flourmills (NNFM), Linkage Assurance, and Lafarge WAPCO.
The NGX trading result showed that investors traded 165.352 million shares valued at N3.673 billion in 3183 deals against 420.276 million shares cost N3.624 billion in 3486 deals.
Afrinvest Limited said that “in the penultimate trading session for the week, we expect the bearish performance to persist barring any positive catalyst.”
Vetiva Dealings and Brokerage said: “Profit taking in heavy-weight persists as cautious trading remains the tone in the market. We have also seen a continuous switch from GTCO to AIRTELAFRI by foreign investors.
“We expect this to be sustained in coming sessions. While we still expect some bargain-hunting activity across the board, we do not rule out sell-offs in specific counters given the general bearish sentiment.”
On the price movement chart, 17 stocks recorded price depreciation while 16 constituted the gainer’s chart. Fidelity Bank led gainers yesterday, appreciating by 9.74 per cent to close at N3.83 kobo while Jaiz Bank followed with a gain of 9.06 per cent to close at 91 kobos.
Mutual Benefits garnered 6.90 per cent to close at 31 kobos. AIICO Insurance added 5.56 per cent to close at 57 kobos. Oando Plc increased by 4.55 per cent to close at N4.60 kobo. Japaul Gold appreciated by four per cent to close at 26 kobos. Bua cement added 3.83 per cent to close at N61. Chams also appreciated by 3.70 kobos to close at 28 kobos.
However, Airtel Africa topped the losers’ chart for the day, shedding 10 per cent to close at N1312.20. MRS trailed with a drop of 9.76 per cent to close at N12.95 kobo.
Ikeja Hotel fell by 9.68 per cent to close at N1.12 kobo. FM dipped by 9.56 per cent to close at N6.15 kobo. Linkage Assurance dropped by 8.51 per cent to close at 45 kobos. Lafarge WAPCO declined by 7.83 per cent to close at N21.20 kobo. Total lost 6.68 per cent to close at N197. MTNN also shed 2.01 per cent to close at N195.
FBNHoldings was the toast of investors, exchanging 48.094 million shares valued at N461.772 million, GTCO Plc followed, with 18.545 million shares costing N344.425 million.
Sterling Bank exchanged 8.282 million shares valued at N12.792 million, Chams Plc traded 7.673 million shares costing N2.131 million while Zenith Bank sold a total of 6.323 million shares valued at N128.882
