Selloff persists as Airtel Africa, others lead market loss

At the end of yesterday’s transactions, the Nigerian equities market extended losses to third consecutive sessions as a fall in Airtel Africa and 17 stocks dragged market capitalisation further by N186 billion.

Precisely, the all-share index (ASI) decreased by 346.49 absolute points, representing a dip of 0.69 per cent to close at 49,644.92 points. Similarly, the market capitalisation lost N186 billion to close at N26.778 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Nigerian Exchange (NGXGroup), Zenith Bank, Stanbic IBTC Holdings and Nigerian Breweries.

Analysts at GTI Securities Limited noted: “Activities ended bearish, as sell-off persists in major blue chip stocks, such as Airtel Africa, Guaranty Trust Holding Company (GTCO) and others. We expect cautious trading to continue throughout the week.”

Vetiva Dealings and Brokerage said: “In the absence of any major positive catalysts in the market, we expect more bearish trading sessions amid slight cherry-picking activities.”

Also, market breadth closed negative, while 11 others constituted the gainers’ chart. Unilever Nigeria recorded the highest price gain of 9.43 per cent to close at N13.35 kobo. Chemical & Allied Products (CAP) followed with a gain of 7.58 per cent to close at N17.75 kobo, while Chams rose by 7.14 per cent to close 30 kobo.

Sterling Bank went up by 5.48 per cent to close at N1.54, while Sovereign Trust Insurance rose by 3.7 per cent to close at 28 kobo.

FTN Cocoa gained 3.45 per cent to close at 30 kobo. Wapic Insurance garnered 2.56 per cent to close at 40 kobo. NEM added 1.78 per cent to close at N5.16 kobo. Dangote Sugar Refinery appreciated by 61 per cent to close at N16.50 kobo. UPL also gained 56 per cent to close at N1.80 kobo.

On the other hand, NPF Microfinance Bank led the losers’ chart by 7.83 per cent to close at N1.53 kobo. Regency Alliance Insurance followed with a decline of 7.69 per cent to close at 24 kobo, while Livestock Feeds fell by 5.6 per cent to close at N1.18 kobo.

Nigerian Exchange Limited (NGX) Group depreciated by 4.76 to close at N20, while Zenith Bank shed 3.57 per cent to close at N20.25 kobo. Zenith Bank lost 3.57 per cent to close at N20.25 kobo.

Mutual Benefits Assurance shed 3.45 per cent to close at 28 kobo. Japaul gold depreciated by 3.33 per cent to close at N29 kobo. Jaiz Bank declined by 2.27 per cent to close at 86 kobo. Airtel Africa dropped 1.96 per cent to close at N2, 000 FBN Holdings also shed 1.87 per cent to close at N10.50 kobo.

Meanwhile, the total volume of trades declined by 30.82 per cent to 138.991 million units, valued at N2.725 billion and exchanged in 4,247 deals.

Transactions in the shares of Sterling Bank topped the activity chart with 18.3 million shares valued at N27.412 million. Transnational Corporation of Nigeria (Transcorp) followed with 13.233 million shares worth N14.031 million, while Zenith Bank traded 12.497 million shares valued at N257.861 million.

Guaranty Trust Holding Company (GTCO) traded 9.204 million shares valued at N183.075 million, while United Bank for Africa (UBA) transacted 7.72 million shares worth N55.147 million.