The Nigerian Exchange Limited (NGX), yesterday, extended losses to the third straight session as market capitalisation declined by N288 billion, amid price depreciation in MRS Oil Nigeria Plc, Aradel and 35 other stocks.
As a result, the all-share index declined by 460.56 points, representing a loss of 0.44 per cent to close at 104,915.13 points. Also, market capitalisation shed N288 billion to close at N65.790 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; MRS Oil Nigeria, Aradel Holdings, Transnational Corporation (Transcorp), Oando and Africa Prudential.
On market outlook, analysts at Afrinvest Limited said: “Investor sentiment, as measured by market breadth, worsened to -0.32x from 0.08x in the previous session as 13 stocks advanced, 37 declined. We anticipate the bourse to extend the bearish close, owing to lack of positive triggers.”
Also, the market breadth closed negative, as 13 stocks gained relative to 37 losers. Julius Berger emerged the highest price gainer of 8.47 per cent to close at N137. Omatek Ventures followed with a gain of 6.15 per cent to close at 69 kobo, while UPDC rose by 2.69 per cent to close at N3.05 kobo.
Wema Bank increased by 2.43 per cent to close at N10.55, while Unilever Nigeria added 2.12 per cent to close at N38.50 kobo.
On the other side, Livestock Feeds led the losers’ chart with 10 per cent to close at N8.46 kobo. eTranzact International followed with a decline of 9.40 per cent to close at N5.30, while Wapic Insurance shed 9.27 per cent to close at N2.35 kobo.
MRS Oil depreciated by 8.99 per cent to close at N162.00, while May & Baker Nigeria down by 8.05 per cent to close at N8.
Meanwhile, the total volume traded rose by 290.46 per cent to 1.367 billion units, valued at N12.375 billion, and exchanged in 12,012 deals. Transactions in the shares of Sovereign Trust Insurance led the activity with 1.010 billion shares worth N989.016 million. Fidelity Bank followed with account of 42.796 million shares valued at N723.151 million, while Access Holdings traded 30.614 million shares valued at N698.02 million.
Jaiz Bank traded 23.951 million shares worth N85.037 million, while Zenith Bank traded 21.631 million shares worth N1.024 billion.
