Negative sentiments resurfaced in the domestic stock market yesterday, as profit-taking activities witnessed in Transcorp Hotel Plc and 28 stocks caused an N12 billion decline in the overall market capitalisation.
Specifically, at the close of transactions yesterday, the all-share index of the Nigerian Exchange Limited (NGX) declined by 23.5 per cent, representing a loss of 0.03 per cent, to close at 68,335.72 points. Similarly, the overall market capitalisation value lost N12 billion to close at N37.401 trillion.
The market’s negative performance was driven by price depreciation in large and medium-capitalised stocks which are; Transcorp Hotel, Dangote Sugar Refinery, GlaxoSmithKline Consumer Nigeria, NASCON Allied Industries, and Nigerian Exchange Group.
Analysts at Vetiva Dealings and Brokerage said: “We anticipate another bearish close tomorrow, as investors trade cautiously given the absence of any major positive catalyst to drive up sentiments.”
As measured by market breadth, market sentiment was negative, as 29 stocks lost relative to 27 gainers.
SUNU Assurance recorded the highest price gain of 10 per cent to close at 88 kobo, while Berger Paints followed with a gain of 9.91 per cent to close at N12.75 kobo.
Chams Holding Company and Oando appreciated by 9.77 per cent each to close at N1.46 and N14.6 respectively, while MRS Oil Nigeria rose by 9.47 per cent to close at N104.
On the other hand, Transcorp Hotel led the losers’ chart by 10 per cent to close at N45.90 kobo. Ikeja Hotel followed with a decline of 9.93 per cent to close at N2.72, while Consolidated Hallmark Insurance lost 7.41 per cent to close at N1.
Secure Electronic Technology lost 7.41 per cent to close at 25 kobo, while GlaxoSmithKline Consumer Nigeria depreciated by 7.38 per cent to close at N11.30 kobo.
The total volume traded declined by 17.4 per cent to 559.06 million units, valued at N5.25 billion, and exchanged in 8,068 deals. Transactions in the shares of Oando topped the activity chart with 109.996 million shares valued at N1.599 billion.
Courteville Business Solutions followed with 66.002 million shares worth N32.57 million, while Chams Holding Company traded 56.388 million shares valued at N81.804 million.
Japaul Gold & Ventures traded 36.63 million shares valued at N35.249 million, while Access Holdings transacted 32.531 million shares worth N563.306 million.
