Kelvin Bowoto
The Nigerian stock market concluded on a dismal note yesterday, with selloffs in Julius Berger Plc and 23 other companies resulting in a N168 billion loss.
The All-Share Index (ASI) fell 296.50 points, or 0.28 percent, to settle at 104,256.81 points. Market capitalization fell by N168 billion to N58.948 trillion.
The fall was fueled by price declines in major and medium-capitalized stocks such as Julius Berger, FBN Holdings (FBNH), Vitafoam Nigeria, Berger Paints, and Transnational Corporation (Transcorp).
Analysts at Afrinvest Limited stated: “Tomorrow, we anticipate an extended bearish performance as the market continues to lack a positive trigger.”
Investor mood, as assessed by market breadth, was favorable as 29 equities rose and 24 fell. NEM Insurance and CWG posted the largest price gains of 10% each to settle at N8.80 and N6.05, respectively, while Juli followed with a 9.98% rise to close at N6.50 per share.
International Energy Insurance increased by 9.85 percent to close at N1.45, while Thomas Wyatt Nigeria increased by 9.55 percent to N2.18 per share.
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On the other side, Secure Electronic Technology and The Initiates Plc (TIP) led others on the losers’ chart with 10% apiece to close at 54 kobo and N2.16, respectively, while FBNH followed with a 9.90% loss to close at N39.60 per share.
Vitafoam Nigeria fell 9.88 percent to settle at N19.15, while Berger Paints fell 9.80 percent to N15.65 a share.
The total amount traded declined by 2.73 percent to 298.652 million units, valued at N6.841 billion, and was swapped in 8,248 transactions. FBNH shares were the most actively traded, with 37.807 million shares valued at N1.573 billion. United Bank for Africa (UBA) followed with 36.85 million shares worth N954.382 million, while Access Holdings traded 28.087 million shares worth N649.273 million.
Transcorp traded 21.573 million shares valued at N322.628 million, while Fidelity Bank exchanged 19.814 million shares worth N200.457 million.
Meanwhile, Access Holdings Plc said that its flagship subsidiary, Access Bank Plc, has signed a definitive agreement with Kenya-based KCB Group Plc to acquire the entire issued share capital of National Bank of Kenya Limited from KCB. This acquisition aims to improve the bank’s African expansion strategy.
PZ Cussons Plc also reported that the Securities and Exchange Commission (SEC) has refused the company’s ‘No Objection’ request for its majority shareholder, PZ Cussons (Holdings) Limited, to purchase minority shareholders’ shares at an offer price of N23 per share.
Techrectory with Agency Report.
