Stock Market Sustains Zig-zag Trend, Dips By N112bn

The Nigerian equities market yesterday continued its zig-zag movement as the total value of equities dipped by N112 billion.

The All Share Index (ASI) shed 185.76 points, representing a loss of 0.19 per cent to close at 97,233.07 points. Also, market capitalisation lost N112 billion to close at N58.919 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Flour Mills of Nigeria, United Capital, John Holt, Wema Bank and Lafarge Africa.

However, investor sentiment, as measured by market breadth, closed positive as 32 stocks advanced, while 15 declined. Flour Mills and The Initiates Plc (TIP) recorded the highest price gain of 10 per cent each to close at N71.50 and N2.53 respectively, while John Holt followed with a gain of 9.86 per cent to close at N7.02, per share.

International Energy Insurance appreciated by 9.85 per cent to close at N1.45, while SUNU Assurance rose by 9.73 per cent to close at N2.48, per share.

On the other hand, Abbey Mortgage Bank led the losers’ chart by 9.77 per cent, to close at N2.40, per share. ABC Transport followed with a decline of 9.45 per cent each to close at N1.15, while Conoil declined by 6.15 per cent to close at N244.00, per share.

BUA Cement depreciated by 5.93 per cent to close at N92.00, while Custodian Investment declined by 4.76 per cent to close at N12.00, per share.

The total volume traded rose by 18.0 per cent to 291.534 million units, valued at N7.817 billion, and exchanged in 7,931 deals. Transactions in the shares of Access Holdings topped the activity chart with 60.357 million shares valued at N1.502 billion. United Bank for Africa (UBA) followed with 17.926 million shares worth N594.499 million, while Zenith Bank traded 16.223 million shares valued at N695.440 million.