Oando, Cutix drag equity market to N108bn loss

The Nigerian Exchange witnessed a continued downturn on Wednesday, as bearish sentiments dominated trading for the third consecutive day.

The All Share Index  declined by 0.20 per cent, closing at 97,199.60 points, down from the previous day’s 97,390.01 points. This brings the year-to-date gain to 31.37 per cent, the month-to-date performance to a negative 0.54 per cent, and the week-to-date to a negative 1.42 per cent.

The market capitalization fell to N55.188tn, reflecting a loss of N108bn compared to the previous trading session.

A total of 315.3m shares were exchanged in 8,365 deals, amounting to a turnover of N5.48bn. This represents a decline in trading activity, with a 47 per cent drop in volume, a 61 per cent reduction in turnover, and a 26 per cent decrease in the number of deals compared to the previous trading day.

Guinea Insurance led the gainers with a 10 per cent increase, closing at N0.44 per share. It was closely followed by SFS Real Estate Investment Trust with a 9.96 per cent gain, Honeywell Flour Mill, and RT Briscoe, both recording a 9.87 per cent increase.

On the flip side, Oando and Cutix led the losers’ chart, with their share prices dropping by 9.95 per cent and 9.92 per cent, respectively. Oando closed at N36.20 per share, while Cutix ended the day at N5.36.

Other significant losers included Academy Press (-8.70 per cent), Japaul Gold and Ventures (-7.89 per cent), and Red Star Express (-6.98 per cent).

The market breadth closed negative, with 25 equities declining against 22 that posted gains.

In total, 118 equities participated in trading, further reflecting the prevailing bearish sentiment.

Veritas Kapital Assurance recorded the highest volume of traded shares, with 38.4m units changing hands. This was followed by Guaranty Trust Holding Company (36.3m), Universal Insurance (23.2m), and Oando (22.1m).

On Tuesday, the Nigerian equity market continued its bearish trend influenced by the declining share prices of companies of Oando, Livestock Feeds, Cornerstone Insurance Company, and Linkage Assurance.

This downturn led to a decrease in market capitalization and the All-Share Index by 0.5 per cent, closing at N55.31tn and 97,390.01 points, respectively.