Loses by Seplat and 46 other stocks yesterday dragged the Nigerian stock market down further.
The market capitalisation which opened at N10.241 trillion, decreased by N210 billion, to close at N10.031 trillion. Similarly, the All-share index dipped by 2.22 per cent or 664.20 points to close at 29,214.13, from the 29,878.33 achieved on Friday.
Market breadth worsened with nine gainers and 46 laggards recorded. Seplat recorded the highest price loss of N12.26, to close at N233.04 per share. Dangote Cement trailed with a loss of N7 to close at N170, while Guinness dipped by N3 to close at N116 per share.
Total lost N3 to close at N152, while PZ Industries depreciated by N2.90 to close at N26.93 per share.
On the other hand, Forte Oil led the gainers’ chart by N10.40, to close at N239.10 per share. Flourmill gained N1.25 to close at N26.32, while Lafarge grew by 49 kobo to close at N99.99 per share.
PaintCom appreciated by 10 kobo to close at N1.20, while Wema Bank went up by seven kobo to close at 87 kobo per share.
Total volume of shares transacted was 257.74 million valued at 2.76 billion in 4,181
deals. Top in volume transacted was Zenith Bank with a total volume of 75.76 million valued at N1.1 billion. Access Bank exchanged 46.49 million shares valued at N211.47 million, while Unity Bank for Africa sold 21.51 million shares worth N69.52 million.
Transcorp traded 18.66 million valued at N41.52 million and Guaranty Trust Bank sold 15.25 million worth N329.5 million.
Analysts at APT Securities and Funds Limited said, the current bearish trend of the market may not be unconnected with the challenging macroeconomic environment, particularly in monetary and fiscal frontlines.
According to APT, “we expect the Index to sustain this irregular daily returns patter in this week trading, to be driven by the activities of bargain hunters as the market still holds strong reversal potentials for discerning investors on current valuations.
Source : Leadership