Uncertainties surrounding the upcoming 2019 elections have continued to depress transactions on the equity sector of the Nigerian Stock Exchange (NSE), as market capitalisation plunged further by N46 billion.
At the reopening of transactions yesterday, the NSE-ASI shed 125.61 absolute points or 0.39 per cent to close at 32,201.98 points.Similarly, the market capitalisation went down by N46 billion to close at N11.756 trillion.
Analysts attributed the downturn to the losses recorded by large capitalised stocks like Nestle Nigeria, Guinness Nigeria, Mobil Nigeria, Guaranty Trust Bank and Stanbic IBTC Holdings.
Specifically, analyst at Imperial Asset Manager Limited stated that the negative run in the market was significantly impacted by the uncertainties surrounding the upcoming 2019 elections and reduction of offshore investors’ holdings in the light of recent crises in the Emerging Markets.
They advised investors to take a medium to long-term investment decision on the market for better-valued returns.
Market breadth remained negative, with 18 gainers versus 23 losers. C and I Leasing recorded the highest price gain of 8.62 per cent, to close at N3.15 per share.Forte Oil gained 8.57 per cent to close at N19, while prestige Assurance appreciated by 8.33 per cent to close at 52 kobo per share.
Union Diagnostic & Clinical Services went up by 6.67 per cent to close at 32 kobo, while Honeywell Flour appreciated by 6.47 per cent to close at N1.48 per share.On the other hand, Champion Breweries led the losers’ chart by l0 per cent, to close at N1.62 per share.
Red Star Express followed with a loss with of 9.17 per cent to close at N4.95 per share, while Royal Exchange shed 8.70 per cent to close at 21 kobo per share.
John Holt down by 8.62 per cent to close at 53 kobo and Unity Bank went down by 8.60 to close at 85 kobo per share.
Total volume traded depreciated by 36.29 per cent to 160.665 million shares, worth N2.152 billion, and traded in 2,935 deals.
Transactions in the shares of Access Bank topped the activity chart with 24.01 million shares valued at N185.39 million.
Guaranty Trust Bank followed with 23.69 million shares worth N805.45 million, while Skye Bank traded 15 million shares valued at N9.3 million.