By Chinwendu Obienyi
Despite improved performance in the volume of shares, sell-offs on the Nigerian Exchange Limited (NGX) continued as tier-1 bank stocks – Zenith, Access Bank and GTCO depreciated in value, resulting in the main index sliding by 0.08 per cent at the close of business yesterday.
Proceedings on the exchange had resumed the week in red, despite bullish sentiments seen last Friday. However, Monday’s session saw a 0.10 per cent decline with market capitalisation dropping N20 billion.
Market analysts who spoke to Daily Sun via emailed notes had said they expected positive performance in subsequent trading sessions, driven by buying interest as investor sentiment builds up. However, the decline in banking stocks drove the All Share Index (ASI) down by 0.08 per cent to close at
38,873.85 points, while market capitalisation decreased by N17 billion to close at N20.253 trillion.
This means that investors have lost about N37 billion in two consecutive sessions. Investors’ sentinment was, however, strong as 16 stocks appreciated in value while 13 others depreciated. MRS topped the gainers’ chart with 9.75 per cent to close at N15.20 per share, Veritas Kapital followed with 9.52 per cent to close at 0.23 kobo, Regal Insurance increased by 6.82 per cent to close at 0.47 kobo, Unity Bank garnered 3.77 per cent to close at 0.55 kobo while Courtville gained 3.23 per cent to close at 0.32 kobo.
On the other hand, Neimeth topped the losers’ chart with 7.89 per cent to close at N1.75 per share. Chams was next with 4.35 per cent to close at 0.22 kobo, Japaul Gold lost 4.08 per cent to close at 0.47 kobo, Sovereign Insurance dropped 4 per cent to close at 0.24 kobo while Wema Bank declined by 3.80 per cent to close at 0.76 kobo.
Speaking on the performance of the market, Afrinvest, said: “Following an improvement in sentiment, we expect a positive performance in the next trading session as investors take position in attractive stocks”.