By Ifeyinwa Ezeokoli
Nigeria’s equity market extended losses for the fourth consecutive session on Thursday as the benchmark index closed lower by 0.30 per cent on persistent sell pressure.
Precisely, the All-Share Index (ASI) declined by 158.37 absolute representing a decrease of 0.30 per cent to close at 52,815.78.
Consequently, the month-to-date loss printed 0.3 per cent, while the year-to-date return moderated to 23.7 per cent.
Similarly, the market capitalisation lost N85 billion to close at N28.474 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Airtel Africa, Zenith Bank, International Breweries and Champion Breweries.
GTI Securities Limited said that “Sell-off persists in the stock market as investors divert their investment interests to the fixed income market.
“We expect fixed income rates to continue to be appealing to investors in the near term.”
Market breadth closed negative with 26 losers against 13 gainers.
Royal Exchange led the losers’ chart in percentage terms by 10 per cent to close at 90k per share.
Global Spectrum Energy Services followed with 9.75 per cent to close at N2.50, while Champion Breweries shed 8.63 per cent to close at N3.60 per share.
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FCMB Group shed 6.57 per cent to close at N3.27, while International Breweries depreciated by 5.66 per cent to close at N7.50 per share.
On the other hand, Ellah Lakes dominated the gainers’ chart in percentage terms by 9.62 per cent to close at N3.42 per share.
PZ Cussons followed with 9.57 per cent to close at N12.60, while Sovereign Trust Insurance gained 8.33 per cent to close at 26k per share.
Nigerian Aviation Handling Company appreciated by 8.31 per cent to close at N7.82, while Aluminium Extrusion Industries gained 7.46 per cent to close at N7.20 per share.
Meanwhile, the total volume of trades dropped by 7.08 per cent with an exchange of 274.43 million shares valued at N4.03 billion in 5,011 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 74.66 million shares worth N836.14 million.
Transcorp followed with 31.37 million shares valued at N40.17 million, while Zenith Bank traded 26.92 million shares valued at N621.53 million.
Guaranty Trust Holding Company sold 17.80 million shares worth N401.51 million, while United Bank for Africa transacted 12.48 million shares worth N98.01 million.
The NGX 30 Index decreased by 0.49 per cent to close at 1,917.91 points as against 1,927.29 points at the previous close. Market turnover closed with a traded volume of 183.51 million units. United Capital was the only gainer, while FCMB and International Breweries were the key losers.
At the money market, the interbank rate fell with the Overnight (O/N) rate decreasing by 0.83 per cent to close at 6.17 per cent against the last close of 7.00 per cent.
Also, the Open Repo (OPR) decreased by 0.33 per cent to close at 6.00 per cent as against the last close of 6.33 per cent.
At the I&E foreign exchange market, Naira depreciated by 0.12 per cent as the dollar was quoted at N419.50 as against the last close of N419.00.
Traders said most participants maintained bids between N410.00 and N444.00 per dollar.
