Stock market sheds N47bn as trading closes bearish

The Nigerian stock market on Wednesday closed bearish with a loss of N47bn, driven by profit-taking activities in Dangote Cement Plc and 20 others.

The All-Share Index depreciated by 85.80 absolute points, representing a decrease of 0.16 per cent to close at 52,615.51 points.

Similarly, the overall market capitalisation value lost N47bn to close at N28.658tn.

The market loss was driven by price depreciation in large and medium capitalised stocks among which are Dangote Cement, Dangote Sugar Refinery, Lafarge Africa, Geregu Power, and Nigerian Exchange Group.

Market breadth closed negative as 21 stocks lost relative to 17 gainers. Chellaram recorded the highest price gain of 9.77 per cent to close at N1.46, per share.

Consolidated Hallmark Insurance followed with a gain of 9.52 per cent to close at 69 kobo, while Linkage Assurance gained 9.09 per cent to close at 48 kobo, per share.

International Energy Insurance appreciated by 7.89 per cent to close at 41 kobo, while Mutual Benefits Assurance gained 6.67 per cent to close at 32 kobo, per share.

On the other hand, FTN Cocoa Processors led the losers’ chart by 6.67 per cent to close at 28 kobo, per share.

Associated Bus Company followed with a decline of 6.45 per cent to close at 29 kobo, while Livestock Feeds shed 5.00 per cent to close at N1.14  per share.

Regency Alliance Insurance shed 3.57 per cent to close at 27 kobo, while Oando depreciated by 3.51 per cent to close at N3.85, per share.

Meanwhile, the total volume of trades declined by 4.61 per cent to 217.946 million units, valued at N4.472bn, and exchanged in 3,377 deals.

Transactions in the shares of Sterling Bank topped the activity chart with 94.270 million shares valued at N145.519m.

Zenith Bank followed with 16.919 million shares worth N416.08m, while Guaranty Trust Holding Company traded 13.162 million shares valued at N320.144m.

Geregu Power traded 10.101 million shares valued at N1.353bn, while Access Holdings transacted 9.131 million shares worth N82.207m.

Reacting to the market performance, United Capital Plc said “Our broad-based expectation for the equities market is bright in Q1, 2023.

“However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies.”