The downward movement in the equities market continued yesterday as investors lost another N234 billion spiked by depreciation in the price of 39 companies. In summary, the All Share Index (ASI) shed 654.14 absolute points, representing a decline of 1.53 per cent to close at 42,185.38 points. Similarly, the market capitalisation shed N234 billion to close at N15.091 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat, Mobil, Dangote Cement, Unilever Nigeria and Conoil. Despith the decline experience in the stocks market analysts at Cordros Capital said “our outlook for the market remains positive, supported by strengthening macroeconomic fundamentals and declining fixed income yields, improving attractiveness of equities investments.”
Market breadth was negative, with 15 gainers versus 39 losers. NPF Microfinance Bank recorded the highest price gain of 9.78 per cent, to close at N2.02 per share. John Holt gained four per cent to close at 52 kobo, while Dangote Sugar appreciated by 3.77 per cent to close at N22 per share. Courtville Business Solution went up by 3.57 per cent to close at 29 kobo, while Nahco appreciated by 2.60 per cent to close at N3.95 per share. On the other hand, Fidelity Bank led the losers’ chart by 9.25 per cent, to close at N2.55 per share.
Japaul Oil shed 8.75 per cent to close at 73 kobo, while Unilever Nigeria depreciated by 8.48 per cent each to close at N52.90 per share. Consolidated Hallmark Insurance declined by 7.50 per cent to close at 37 kobo, while Regency Alliance Insurance down by 6.67 per cent to close at 28 kobo per share. However, the total volume traded appreciated by 8.34 per cent to 404.66 million shares, worth N6.03 billion, and traded in 5,403 deals. Transactions in the shares of Zenith Bank topped the activity chart with 66.95 million shares valued at N1.94 billion. FBN Holdings followed with 48.43 million shares worth N544.18 million, while Regency Alliance Insurance traded 41.19 million shares valued at N11.53 million.
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