Equities Market Extends Losses With N215bn Loss

The Nigerian equities market yesterday sustained its bearish performance as price decline in Oando Plc and 48 others dragged the overall capitalisation lower by N215 billion.

The All-Share Index (ASI) lost 345.36 points, representing a loss of 0.32 per cent to close at 107,781.61 points. Also, market capitalisation shed N215 billion to close at N67.168 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Oando, Africa Prudential, Julius Berger, NASCON Allied Industries and Honeywell Flour Mills.

On market outlook, analysts at Afrinvest Limited said “we anticipate the market to extend the bearish performance as price correction persists.”

Also, investor sentiment, as measured by market breadth, closed negative as 13 stocks advanced, while 49 declined. Smart Products Nigeria emerged the highest price gainer of 10 per cent to close at 33 kobo, per share. Nigerian Exchange Group followed with a gain of 9.97 per cent to close at N32.00, while Red Star Express rose by 9.57 per cent to close at N7.33, per share.

ABC Transports rose by 8.13 per cent to close at N1.33, while NPF Microfinance Bank advanced by 5.14 per cent to close at N1.84, per share.

On the other side, Honeywell Flour Mills led others on the losers’ chart with 10 per cent to close at N11.25, per share. Morison Industries followed with a decline of 9.97 per cent to close at N3.25, while University Press shed 9.90 per cent to close at N4.55, per share.

International Energy Insurance lost 9.75 per cent to close at N2.13, while Oando depreciated by 9.72 per cent to close at N52.00, per share.

Meanwhile, the total volume traded rose by 1.5 per cent to 363.013 million units, valued at N10.118 billion, and exchanged in 13,753 deals. Transactions in the shares of Access Holdings led the activity with 36.847 million shares worth N945.552 million. Jaiz Bank followed with 23.026 million shares valued at N76.636 million, while Zenith Bank traded 18.420 million shares valued at N884.170 million.

AXA Mansard Insurance traded 17.047 million shares worth N153.401 million, while Guinness Nigeria traded 14.926 million shares worth N1.105 billion.