Kayode Tokede
Thd Nigerian stock market closed negative yesterday as the market capitalization dropped by N599 billion following sell off in in Nestle Nigeria Plc and 39 others.
The All-Share Index declined by 927.70 points, representing a loss of 0.38 per cent, to close at 244,802.83 points. Similarly, the overall market capitalisation value lost N599 billion to close at N 158.016 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle Nigeria, Nigerian Aviation Handling Company (NAHCO), First Holdco, Nigerian Exchange Group and Eterna.
Market sentiment remained weak, as 13 stocks advanced against 40 decliners. AVA Capital recorded the highest price gain of 9.94 per cent to close at N9.95, per share. Livestock Feeds followed with a gain of 9.71 per cent to close at N113.00 and Neimeth International Pharmaceuticals up by 8.43 per cent to close at N9.00, per share.
AIICO Insurance appreciated by 3.47 per cent to close at N4.18, while Oando rose by 3.30 per cent to close at N36.00, per share.
On the other hand, Multiverse Mining & Exploration and LivingTrust Mortgage Bank led the losers’ chart by 10.00 per cent each to close at N22.95 and N3.42 respectively, while McNichols followed with a decline of 9.92 per cent to close at N5.45, per share.
Thomas Wyatt Nigeria declined by 9.87 per cent to close at N3.56, while Eterna shed 9.09 per cent each to close at N33.00 each, per share.
Meanwhile, the total volume traded rose by 69.25 per cent to 1.562 billion units, valued at N28.733 billion, and exchanged in 54,160 deals. Transactions in the shares of Japaul Gold & Venture topped the activity chart with 904.418 million shares valued at N2.718 billion. Sterling Financial Holdings Company followed with 53.980 million shares worth N431.858 million, while FCMB Group traded 49.544 million shares valued at N545.862 million.
Chams Holding Company traded 44.856 million shares valued at N199.221 million, while Neimeth International Pharmaceuticals transacted 42.440 million shares worth N327.838 million.
Looking ahead, analysts at Cowry Assets Management Limited said, “we expect the market to regain positive momentum as more listed companies release their half-year financial results. These earnings are expected to provide clearer direction for investor sentiment and could support renewed buying interest in fundamentally sound stocks.”