Sustained sell pressures took the centre stage at Monday’s trading session on the floor of the Nigerian Stock Exchange as losses in the shares of Dangote Cement, GT Bank and MTNN, dragged the All Share Index (ASI) southwards by 0.79 per cent to close at 28,341.03 points.
Year-to-Date (YTD) loss worsened to -9.8 per cent while investors lost over N110 billion as market capitalisation fell to N13.812 trillion.
Activity level strengthened as volume and value traded advanced 74.5 and 46.9 per cent to 175.16 million units and N2.14 billion, respectively in 3,111 deals.
Reacting to the development investment research analyst at Afrinvest, Adedayo Bakare, said foreign investors are focusing on the debt market rather than equities market because the macroeconomic environment remains weak.
He said, “Companies’ earnings have not been that spectacular as the investors are still looking forward to the quality of the cabinet the President is yet to constitute. Already, H1 earnings as well as global conditions remain favourable, so for the rest of the week, we still expect the bearish run to continue. Nevertheless, we expect the release of half year corporate results and bargain hunting opportunities to drive activities in the market”.
Meanwhile, investor sentiment as measured by market breadth was negative as 21 stocks depreciated in value while 10 others appreciated. Chip Plc topped the losers’ chart with 9.09 per cent to close at 0.30 kobo per share, Sovereign Insurance followed with 8.70 per cent to close at 0.21 kobo, Courtville fell by 8.33 per cent to close at 0.22 kobo while Chams and Total declined by 7.14 per cent to close at 0.26 kobo and N130 respectively.
On the flipside, Cornerstone topped the gainers’ chart with 10 per cent to close at 0.22 kobo per share. AIICO was next with 7.69 per cent to close at 0.70 kobo, Lasaco increased by 6.90 per cent to close at 0.31 kobo, Vitafoam garnered 4.52 per cent to close at N3.70 while Conoil increased by 2 per cent to close at N20.40.