N27bn goes down the drain in four days as analysts predict gloomy outlook- Report

The bears strengthened their hold on the equities sector of the Nigerian Exchange Limited (NGX), as more blue-chip stocks depreciated in price, causing investors’ fortune to dip further by N27 billion in four trading days.

Specifically, the market capitalisation of listed equities declined by N27 billion to N20.424 trillion from N20.451 trillion at which it opened for transactions on Monday.

Also, the All Share Index, which measures the performance of, quoted companies depreciated by 51.66 points or 0.13 per cent to 39,201.33 points from 39,252.89 points.

Yesterday, investors traded 350.528 million shares valued at N3.347 billion in 3523 deals against 354.061 million shares worth N3.202 billion exchanged hands in 4095 deals.

Analysts at Afrinvest said: “In the final trading session, we anticipate positive performance as investors take advantage of bargains in the market.”

Vetiva Dealings and Brokerage said: “Market sentiment seems to have retreated into negative territory, with pent up local supply against shallow demand amid investors staying on the sidelines. We anticipate market closing negative as investors continue to take profit.”

On the price movement chart, 21 stocks depreciated in price while nine stocks constituted the losers’ chart. Cornerstone Insurance topped the losers’ chart, shedding 7.69 per cent to close at 48 kobo while AIICO Insurance trailed with a loss of 6.86 per cent to close at 95 kobo.

Learn Africa dipped by 5.56 per cent to N1.36 kobo. Livestock Feeds fell by 5.45 per cent to N2.08 kobo. Honeywell Flour also dipped by 5.13 per cent to N3.88 kobo