The persistent negative sentiments at the Nigerian equities market pushed indicators to new lows with the Nigerian Stock Exchange (NSE) falling to 30,420.54 yesterday. This indicated a dip of 12.2 per cent in four days.
The ASI fell by 2.4 per cent yesterday, lower than the 4.2 per cent slide recorded the previous day. Similarly, market capitalisation shed N247 billion, which is lower than the N449 billion recorded the previous day.
However, the plunge in the prices of blue chip stocks has eroded N1.407 trillion from the capitalisation in four days to close at N10.071 trillion.
Market operators had told THISDAY that the dumping of shares by investors was a result of the uncertainty in the polity because investors are trading cautiously, waiting until after the general elections slated for next month.
“Unfortunately, while there has been massive dumping of shares, there are few investors willing to part with their funds right now. Everybody is waiting for the elections to be over before making any serious investment decision. But I believe the slide in the market will reduce very soon because bargaining hunting will begin given the attractive prices of most of the stocks,” a stockbroker had said.
More equities continued to lose value as only 12 stocks appreciated as against 42 that dipped in value. Access Bank Plc led the price losers with 9.6 per cent, followed by First City Monument Bank Plc with 9.5 per cent. Guinness Nigeria Plc shed 9.3 per cent, just as National Salt Company of Nigeria Plc, and Oando Plc went down by 7.8 per cent and 7.1 per cent in that order.
Honeywell Flour Mills Plc and NAHCO shed 6.9 per cent and 6.4 per cent respectively, just as Guaranty Trust Bank, Seplat and UAC of Nigeria Plc closed lower by 5.6 per cent, 5.4 per cent and 5.1 per cent in that order.
On the other hand, Livestock Feeds led the price gainers with 4.88 per cent, trailed by Cutix Plc with 4.84 per cent. Vono Products Plc appreciated by 4.4 per cent, while Total Nigeria Plc went up by 3.8 per cent among others.