The Nigerian equities market closed lower to begin trading for the last month of the year with a decline of 0.24 per cent, yesterday.
The All Share Index (ASI) was down by 75.41 absolute points, representing a decrease of 0.24 per cent to close at 30,798.76 points. Similarly, the market capitalisation decreased by N27 billion, closing at N11.244 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MRS Oil Nigeria, Nigerian Breweries, Stanbic IBTC Holdings, Dangote Cement and PZ Cussons Nigeria.
Analysts at APT Securities and Funds Limited said that the equities market tempo is not unconnected to foreign investors moving to an area of safety in Eurobond amidst cautious mood of investors waiting for stock prices to bottom out, advising investors to accumulate in tranches potentially under-priced stock.
However, the market breadth closed positive, recorded 19 gainers against 14 losers. Jaiz Bank recorded the highest price gain of 10 per cent, to close at 44 kobo per share. Diamond Bank followed with a gain of 9.23 per cent to close at 71 kobo, while Learn Africa went up by 8.62 per cent to close at N1.26, per share.
FCMB Group rose by 7.59 per cent to close at N1.56, while Sterling Bank appreciated by 5.42 per cent to close at N1.75 per share. On the other hand, Continental Reinsurance led the losers’ chart by 10 per cent, to close at N1.80, per share. MRS Oil Nigeria followed with a decline of 9.98 per cent to close at N25.70, while AXA Mansard Insurance lost 9.90 per cent to close at N1.82, per share.
PZ Cussons Nigeria shed 9.65 per cent to close at N10.30, while Lasaco Assurance depreciated by 6.67 per cent to close at 28 kobo per share.
The total volume traded appreciated marginally by 0.13 per cent to 249.74 million shares, worth N2.72 billion, and traded in 3,122 deals. Transactions in the shares of FCMB Groups topped the activity chart with 103.48 million shares valued at N161.56 million. FBN Holdings followed with 22.12 million shares worth N161.56 million, while United Bank for Africa (UBA) traded 20.12 million shares valued at N152.39 million.
Diamond Bank traded 19.74 million shares valued at N14.02 million, while Zenith Bank transacted 19.24 million shares worth N453.57 million.
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