The reign of the bears continued unabated to the final trading day of the month of May, as most extremely capitalised shares depreciated in worth market, inflicting market capitalization to plunge further by N181 billion.
Precisely, on the shut of trading yesterday, the All- Share Index shed 501.87 absolute factors or 1.30 per cent to shut at 38,104.54 factors its lowest in 5 months, ensuing to a unfavourable year-to-date efficiency of zero.36 per cent. Also, the market capitalisation declined by N181 billion to shut at N13.803 trillion.
The downturn was impacted by losses recorded in medium and enormous capitalised shares, amongst that are; Nestle Nigeria, Okomu Oil, International Breweries, Forte Oil and Dangote Cement.
Analysts at APT Securities and Funds Limited stated that “as negative sentiment foods the market, it pose a good buy on stocks that have shed weight most especially big capitalised stocks in Industrial Goods and Consumer Goods sector.”
Market breadth closed unfavourable, with 21 gainers versus 26 losers. Cement Company of Northern Nigeria (CCNN) recorded the very best worth achieve of 10.12 per cent, to shut at N26.65 per share. FCMB Groups adopted with an achieve of eight.10 per cent to shut at N2.27, whereas FBN Holdings appreciated by 5.73 per cent to shut at N10.15 per share.Unilever Nigeria rose by 5 per cent to shut at N51.45, whereas Fidelity Bank gained four.97 per cent to shut at N1.90 per share.
On the opposite hand, International Breweries led the losers’ chart by 9.64 per cent, to shut at N44.50 per share. Forte Oil shed 9.09 per cent to shut at N37, whereas Okomu Oil depreciated by 5.88 per cent to shut at N80 per share. Livestock declined by four.94 per cent to shut at 77 kobo and Caverton additionally shed four.93 per cent to shut at N2.12 per share.
The whole quantity traded appreciated by 376 per cent to 1.62 billion shares, price N71.2 billion, and traded in 5,166 offers. Transactions in the shares of Stanbic IBTC Holdings topped the exercise chart with 1.15 billion shares valued at N61.64 billion, accounted for 89 per cent of the overall market worth traded following information on a share acquisition by its dad or mum firm, Stanbic Africa Holdings, which might enhance its shareholding in the Nigerian bank to 64.four per cent.Zenith Bank adopted with 127.19 million shares price N3.26 billion, whereas Guaranty Trust Bank traded 74 million shares valued at N3.01 billion.
UBA traded 65.56 million shares valued at N700.76 million, whereas Sterling Bank transacted 29.eight million shares price N36.33 million.