Equity transactions reopened on a downturn as the reign of the bears was unabated on the Nigerian Stock Exchange (NSE), causing market capitalisation to dip further by N46billion.

Specifically, at the end of trading yesterday, the All-Share Index shed 125.91 absolute points, representing a decline of 0.34 per cent to close at 37,266.86 points.

Similarly, the market capitalisation declined by N46billion to close at N13.500trillion.

The downturn was occasioned by losses recorded in medium and large capitalised stocks, amongst which are; Chemical & Allied Products (CAP), PZ Industries, Forte Oil, UPDC Real Estate Investment Trust (UPDCREIT), and Custodian & Allied Insurance.


Analysts at APT Securities and Funds Limited, said: “stocks that have shed weight could be considered for medium to long term positioning. Nevertheless, we advise investors to tread with caution with respect to equities market continuous wave between the north and south poles.”

Market breadth closed negative, with eight gainers versus 32 losers. Nigerian Aviation Handling Company (Nahco) recorded the highest price gain of 9.97 per cent, to close at N4.08 per share.

Sovereign Trust Insurance gained 8.70 per cent to close at 25kobo, while Lasaco Assurance appreciated by 5.88 per cent to close at 36kobo per share.

UAC of Nigeria (UACN) appreciated by 5.26 per cent to close at N14, while Flour Mills gained 3.10 per cent to close at N29.90 per share.

On the other hand, Learn Africa, Multiverse Mining & Exploration, PZ Industries, UPDC Real Estate Investment Trust and Wema Bank led the losers’ chart by 10 per cent each, to close at N1.26, 36kobo, N17.10, N9, and 63kobo per share, respectively.

However, the total volume traded rose by 42.56 per cent to 303.48 million shares worth N2.04billion traded in 3,402 deals. Transactions in the shares of MedView Airline topped the activity chart with 100.01 million shares valued at N198.38million.

FBN Holdings followed with 42.87 million shares worth N445.84 million, while Transnational Corporation of Nigeria (Transcorp) traded 40.55 million shares valued at N51.48million.

Multiverse Mining & Exploration traded 20.89 million shares valued at N4.18million, while Zenith Bank transacted 16.61 million shares worth N398.49million.

http://www.akelicious.net/2018/07/selloff-persists-as-nse-indices-shed.html

Good move and a good morning to all.


check my SIGNATURE

Ayam not understanding any of this

SagirmohH:
Ayam not understanding any of this

We are on the same path then...

Calbabubate

I am sure a lot of people will be trapped in Learn Africa as it cruise to base. 90k is not far reached

After Ekiti no sensible investor will touch this place for a while.

Institutional monies are moving towards crypto-assets

Who is going to invest in a country being ruled by a Tyrant and cheered on by sophisticated moro...? Or an economy being headed by expert Forgers?
The movement of the stock is a indication of the confidence level investors have in the government of the day and those heading key economic positions.
As the 2019 election year draws nearer, and this government does nothing to boost the confidence level of investors, many will continue selling of their stocks in the market and moving their money to safer havens.

jerseyboy:
After Ekiti no sensible investor will touch this place for a while.

Exactly. The government thinks its only politics. The damage being done to our economy will take years to recover.

lol Finance Na wa oooo , people even ignore this thread sef ....
Understanding kwa !

Why won't investors sell off their shares?? Nigeria is heading towards a miserable path.

jerseyboy:
After Ekiti no sensible investor will touch this place for a while.

poo

givan:
Why won't investors sell off their shares?? Nigeria is heading towards a miserable path.

is it not other investors that bought them?
Think!

these sell offs are likely to persist, because this country id governed by morons and they have a wide supporter base.