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Equities Market Opens Week With 0.85% Decline



The Nigerian equities market opened the week, yesterday on a bearish note with a decline of 0.85 per cent. In summary, the All Share Index (ASI) shed 378.27 absolute points, representing a decline of 0.85 per cent to close at 44,261.72 points.

Similarly, the market capitalisation shed N135 billion, to close at N15.884 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Forte Oil, Julius Berger, Wapco and Cadbury.

Analysts at Afrinvest Limited said “despite the negative performance yesterday, our near-term outlook on performance remains positive as investors continue to seek for bargain opportunities in anticipation of full year earnings releases.”

Similarly, market breadth closed negative, with 22 gainers versus 34 losers. Aiico Insurance recorded the highest price gain of 10 per cent, to close at 88 kobo per share. Prestige Assurance followed with a gain of 8.33 per cent to close at 52 kobo, while Linkage Assurance gained 5.88 per cent to close at 72 kobo, per share.

Beta Glass appreciated by 4.97 per cent to close at N65.45 and NPF Micro Finance rose by 4.86 per cent to close at N1.94 per share. On the other hand, Unic Insurance led the losers’ chart by 8.70 per cent each, to close at 42 kobo per share. Consolidated Hallmark Insurance followed with a decline of 8.33 per cent to close at 44 kobo, while Skye Bank declined by 5.59 to close at N1.35 per share.

Lasaco Insurance depreciated by 5.56 per cent to close at 34 kobo and Forte Oil declined by 4.95 per cent to close at N46.05 per share.

Also, the total volume traded depreciated by 32.3 per cent to 876.98 million shares, worth N7.43 billion, and traded in 8,780 deals. Transactions in the shares of FCMB Groups topped the activity chart with 101.5 million shares valued at N303.32 million. Skye Bank followed with 48.34 million shares worth N66.37 million, while Diamond Bank traded 31.54 million shares valued at N100.21 million.

Transcorp traded 27.73 million shares valued at N63.54 million, while Aiico Insurance sold 27.63 million shares worth N24.31 million.