The market value of Nigerian equities dropped by N35 billion yesterday as overwhelming sell orders triggered considerable decline in share prices of several stocks.
With nearly two losers for every gainer, the overall market sentiment at the Nigerian Exchange (NGX) was bearish with more sell orders than buy orders. The sell pressure intensified as investors sought to lock in accumulated capital gains from the recent steep rise in share prices.
Benchmark indices indicated average decline of 0.12 per cent, equivalent to net capital depreciation of N35 billion.
The All Share Index (ASI)- the common value-based index that tracks all share prices at the Exchange, dropped from its opening index of 55,788.37 points to close at 55,722.90 points.
Aggregate market value of all quoted equities declined from its opening value of N30.391 trillion to close at N30.356 trillion.
There were 17 losers to nine gainers. Chams Holding Company led the losers’ chart by 8.0 per cent to close at 23 kobo per share. Prestige Assurance followed with a decline of 7.32 per cent to close at 38 kobo. Linkage Assurance dropped by 6.82 per cent to close at 41 kobo per share. UACN Property Development Company (UPDC) lost 6.80 per cent to close at 96 kobo while Wema Bank dipped by 6.05 per cent to close at N4.04 per share.
On the positive side, Nigeria Enamelware led the gainers with a gain of 9.57 per cent to close at N17.75. FTN Cocoa processors followed with a gain of 7.69 per cent to close at 28 kobo. Sterling Bank rose by 3.42 per cent to close at N1.51 per share. UAC of Nigeria (UACN) appreciated by 3.26 per cent to close at N9.50 while Nigerian Exchange Group rallied 2.69 per cent to close at N26.70 per share.
The momentum of activities also slowed down considerably. Total turnover dropped by 35.14 per cent to 199.269 million shares valued at N2.814 billion in 3,898 deals. Sterling Bank topped the activity chart with 31.093 million shares valued at N46.913 million. Neimeth International Pharmaceuticals followed with 20.178 million shares worth N31.676 million. Zenith Bank traded 16.511 million shares valued at N412.519 million. Chams Holding Company traded 16.113 million shares valued at N3.763 million while United Capital placed fifth with 12.760 million shares worth N185.870 million.