Stock Market Posts N622bn Loss In March
BY OLUSHOLA BELLO, Lagos
The domestic stock market yesterday sustained negative momentum into the new week as its overall capitalisation plunged by N622 billion amid sustained profit-taking activities.
The All-Share Index (ASI) fell by 1,141.76 points, representing a decline of 2.08 per cent, to close at 53,750.77 points. Accordingly, investors lost N622 billion in value as market capitalisation declined to N29.281 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Seplat Energy, MTN Nigeria Communications (MTNN), Nigerian Breweries and Lafarge Africa.
Looking ahead, United Capital Plc said: “we expect risk-on sentiments to be sustained in the equities markets even as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1, 2023.
“Taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season remains the choice strategy. However, we see room for extended profit-taking activities.”
The market breadth was negative as 21 stocks lost relative to five gainers. Courteville Business Solutions recorded the highest price gain of 6.67 per cent to close at 48 kobo, per share. NPF Microfinance Bank followed with a gain of 2.70 per cent to close at N1.90 and AIICO Insurance up by 1.75 per cent to close at 58 kobo, per share.
FBN Holdings (FBNH) rose by 0.92 per cent to close at N11.00, while Zenith Bank gained 0.20 per cent to close at N25.00, per share.
On the other hand, NCR Nigeria led the losers’ chart by 9.79 per cent to close at N2.12, per share. Unity Bank followed with a decline of 9.43 per cent to close at 48 kobo, while Prestige Assurance declined by 8.89 per cent to close at 41 kobo, per share.
SUNU Assurance declined 8.33 per cent to close at 44 kobo, while Multiverse Mining and Exploration and Airtel Africa shed 8.31 per cent each to close at N2.98 and N1,420.00 respectively, per share.
Also, the total volume traded decreased by 26.66 per cent to 100.883 million units, valued at N4.342 billion, and exchanged in 3,279 deals.
Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 12.836 million shares valued at N318.513 million. Zenith Bank followed with 11.920 million shares worth N297.982 million, while United Bank for Africa (UBA) traded 10.038 million shares valued at N80.242 million.
MTNN traded 8.264 million shares valued at N1.927 billion, while FBNH transacted 7.719 million shares worth N84.577 million.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
