Stock market resumes bearish as capitalisation dips by N71b

The stock market resumed from the national holidays and declared to make the 62nd Independence commemoration on a bearish note as losses suffered by blue-chip stocks, especially International Breweries and Redstar Express, shaved off N71 billion from the capitalisation.

After transactions on the Nigerian Exchange Limited (NGX), yesterday, the market capitalisation of listed equities declined by 0.3 per cent to N26.38 trillion from N26.45 trillion reported the previous day.

Similarly, the all-share index (ASI) depreciated by 144.64 basis points to 48879.74 points from 49024.16 points traded the previous day

Investors traded 173.46 million shares valued at N2.39 billion in 4926 deals against 356.73 million shares cost N3.74 billion exchanged hands the previous day in 4219 deals.

Vetiva Dealings and Brokerage said: “We expect another mixed day of trading tomorrow, amid bargain hunting activities across the board as investors continue to tread cautiously in the market.”

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Vitafoam, United Capital, Zenith Bank, International Breweries, Access Corp and FBN Holdings.

On the price movement chart, International Breweries topped losers’ chart dropping by 9.09 per cent to close at N4.50 kobo while Redstarex trailed with a loss of 7.83 per cent to close at N2.12 kobo.

Sovereign Insurance fell by 7.41 per cent to close at 25 kobo. Japaul Gold was down by 7.14 per cent to close at 26 kobo. Chi Plc depreciated by 7.02 per cent to close at 53. Kobo.

United Capital shed 6.73 per cent to close at N10.40 kobo. Access Corp depreciated by 5.59 per cent to close at N7.60 kobo. TransNational Corporation declined by 5.45 per cent to close at N1.04 kobo. Fidelity Bank lost 4.89 per cent to close at N3.50 kobo. Vitafoam also dropped 4.53 per cent to close at N20.

On the other hand, Multiverse Plc led others on the gainers chart, adding 7.76 per cent to close at N4.05 kobo while RTBriscoe followed with a gain of 8.82 per cent to close at 37 kobo. NGX group added 7.5 per cent to close at N21.50 kobo, AIICO Insurance gained 5.77 per cent to close at 55 kobo. Africa Prudential Register increased by four per cent to close at N5.20 kobo.

Union Bank gained 3.23 per cent to close at N6.40 kobo. Wapic Insurance added 2.86 per cent to close at 36 kobo. Unity Bank appreciated by 2.33 per cent to close at 44 kobo. NPF Microfinance Bank also garnered 1.97 per cent to close at N1.55 kobo.

GTCO Plc was the most active stock during the day, exchanging 71.19 million shares valued at N1.26 billion in 687 deals, Zenith Bank followed with an account of 14.39 million shares cost N283.58 million in 432 deals, United Bank for Africa sold a total of 10.67 million shares worth N73.29 million 296 deals, NGX Group exchanged 8.35 million shares valued at N173.92 million in 91 deals while Chams Plc traded 6.78 million shares cost N1.86 million in 36 deals.