Neimeth, Cutix, others lead stock market N10b loss

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Neimeth, Cutix, others lead stock market N10b loss

The Nigerian Stock Exchange (NSE) reopened bearish yesterday, occasioned by losses in most blue-chip stocks, especially Neimeth International, and Cutix as market capitalisation lost N10 billion.

At the close of transactions Monday, the All-Share Index (ASI) also slipped by 18.08 absolute points or 0.07 per cent to close at 24,269.58 points. Similarly, the overall market capitalisation shed N10 billion to close at N12.660 trillion.

The downturn was impacted by losses recorded in large and medium capital stocks, including Cutix, Neimeth International Pharmaceuticals, Zenith Bank, Ecobank Transnational Incorporated (ETI), and Access Bank.

Analysts at Vetiva Capital said: “With the absence of any positive event capable of lifting investors’ sentiment, coupled with the lack of significant positive movement in large cap stocks, the domestic bourse extended last week’s bearish performance into today’s session.

“However, with the persistent declines we’ve seen across board in recent times (especially in the Banking sector), we expect to see positive investors’ patronage in the coming sessions, driven by cheap valuations of a number of fundamentally justified stocks.”

Market breadth was slightly negative, with 12 gainers versus 13 losers. GlaxoSmithKline Consumer Nigeria recorded the highest price gain of 9.47 per cent to close at N5.20 per share.

Fidson Healthcare followed with 9.43 per cent to close at N2.90, and Linkage Assurance rose 9.38 per cent to close at 35 kobo, per share. Unity Bank edged up 8.89 per cent to close at 49 kobo, while Ardova Plc garnered 7.17 per cent to close at N13.45, per share.

On the other hand, Neimeth International Pharmaceuticals led the losers’ chart by 10 per cent to close at N1.35 per share.

Cutix followed with 9.89 per cent to close at N1.64, and Chams lost 4.35 per cent to close at 22 kobo, per share. Lasaco Assurance fell 3.85 per cent to close at 25 kobo, and Sterling Bank shed 3.20 per cent each to close at N1.21, per share.

However, the total volume of trades appreciated by 90.09 per cent to 305.103 million units, worth N2.10 billion and exchanged in 3,258 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 75.564 million shares valued at N15.113 million. United Bank for Africa (UBA) followed with 70.709 million shares worth N441.888 million, and Guaranty Trust Bank traded 36.972 million shares at N3.710 million.

Japaul Oil & Maritime Services traded 17.416 million shares valued at N3.710 million, while Zenith Bank transacted 10.604 million shares worth N68.104 million.