Equity Market Lose N70bn, Sell-off Persists

The Nigerian bourse on Tuesday closed lower to reverse the previous day gain as bears regained their grip following the sell-off that have persisted on the equities market.

Market breadth closed negative as Total Oil Nigeria le 16 other losers to close the trading session on the negative.

Consequently, the All-Share Index dipped 133.45 basis points or 0.54 per cent to close at 24,650.16 index points as against 24.783.61 recorded the previous trading session.

Market capitalisation of equities depreciated by N70bn from N12.93tn the previous day to N12.86tn as market sentiment returned on the negative territory.

Meanwhile, a turnover of 150.39 million shares exchanged in 3,780 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 58.69million shares exchanged by investors in 1,482 deals.

The volume in the sub-sector was largely driven by activities in the shares of FBNH Plc and Lafarge Africa Plc.

Also, the insurance sub-sector boosted by the activities in the shares of Mutual Benefits Assurance Plc and Cornerstone Insurance Plc followed with a turnover of 31.67 million shares in 137 deals.

Further analyses of the day’s trading showed that in percentage terms, Berger Paints Plc and Mutual Benefits Assurance Plc topped the day’s gainers’ table with 10 per cent each to close at N6.05 and 22 kobo per share, respectively.

Unity Bank Plc followed with 8.77 per cent to close at 62 kobo per share.

Okomu Oil Plc added 6.31 per cent to close at N74.95 per share.

On the flip side, Total Oil Plc led the losers’ with a drop of 9.95 per cent to close at N87.80 per share while Seplat Petroleum Plc shed 9.82 per cent to close at N282.00 per share.

NPF MFB Plc trailed with 7.75 per cent to close at N1.31 per cent.