Sell off persists on exchange as index dips further by 0.09%

The domestic equities market continued on a downward note yesterday, as the All-Share Index (ASI) declined further by 0.09 per cent, amid losses in Dangote Sugar Refinery Plc and 22 stocks.

At the close of transaction yesterday, the ASI declined by 86.52 points or 0.09 per cent, to close at 99,217.60 points. Similarly, the overall market capitalisation value lost N49 billion to close at N56.126 trillion.

On market outlook, analysts at SCM Capital, said:” This week, we expect mixed sentiments at the domestic bourse due to the double primary market auction (bond and treasury bills) amid elevated yields. We continue to advise investors to target fundamentally sound stocks.”

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Dangote Sugar Refinery, Lafarge Africa, Oando, Zenith Bank and Honeywell Flour Mills.

However, market breadth closed positive, as 27 stocks gained relative to 23 losers. Okomu Oil recorded the highest price gain of 10 per cent to close at N291.50 kobo. John Holt followed with a gain of 9.79 per cent to close at N3.14 kobo while Consolidated Hallmark Holdings increased by 9.43 per cent to close at N1.74 kobo.

Secure Electronic Technology appreciated by 9.09 per cent to close at 60 kobo, while Regency Alliance Insurance rose by 7.14 per cent to close at 45 kobo.

On the other hand, Oando led the losers’ chart by 9.75 per cent to close at N12.50 kobo. University Press followed with a decline of 9.09 per cent to close at N2.50 kobo while Academy Press lost 8.00 per cent to close at N1.84 kobo.

Honeywell Flour Mills shed 7.94 per cent to close at N3.13 kobo while UPDC lost 7.86 per cent to close at N1.29 kobo. Also, the total volume of trade declined by 62.86 per cent to 361.573 million units, valued at N6.163 billion, and exchanged in 8,511 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 47.509 million shares valued at N581.921 million. Guaranty Trust Holding Company (GTCO) followed with 37.853 million shares worth N1.647 billion, while Veritas Kapital Assurance traded 34.951 million shares valued at N31.384 million.

FBN Holdings (FBNH) traded 27.402 million shares valued at N548.257 million, while Access Holdings transacted 26.980 million shares worth N504.365 million.