Equities Market Opens Week In Red By N1.17trn Loss

The Nigerian equities market yesterday commenced the week on a downward trajectory, with a decline of N1.172 trillion.

The All Share Index (ASI) lost by 1,853.82 points, representing a loss of 1.26 per cent to close at 145,159.77 points. Also, market capitalisation declined by N1.172 trillion to close at N 92.329 trillion.

The overall downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nigerian Enamelware, Aradel Holdings, Transnational Corporations (Transcorp) and UACN.

On market outlook, Imperial Asset Managers Limited said, “We anticipate a cautious and bearish tone to persist in the near term. Selective bargain-hunting in oversold stocks may occur, but the overall market direction is likely to remain defensive, with the index trading under pressure.”

Market sentiment remained balanced, as 28 advancing stocks narrowly outnumbered 24 decliners. Sovereign Trust Insurance recorded the highest price gain of 9.97 per cent to close at N3.20 per share. NCR Nigeria followed with an increase of 9.96 per cent to close at N28.15, while Tantalizers grew by 9.81 per cent to close at N2.35 per share.

Prestige Assurance rose by 9.70 per cent to close at N1.47, while Eunisell Interlinked rose by 8.52 per cent to close at N79.00 per share.

On the other hand, Dangote Cement and Nigerian Enamelware led the losers’ chart by 10 per cent each to close at N534.60 and N40.50 respectively, while Transcorp followed with a decline of 4.66 per cent to close at N43.00 per share.

AIICO Insurance depreciated by 4.11 per cent to close at N3.50, while Guinea Insurance declined by 3.97 per cent to close at N1.21 per share.

Additionally, the total volume traded decreased by 92.64 per cent to 388.177 billion units, valued at N31.143 billion, and exchanged in 28,492 transactions. Transactions in the shares of Tantalizers topped the activity chart with 57.122 million shares valued at N134.237 million. Aradel Holdings followed with 30.427 million shares worth N21.496 billion, while Guaranty Trust Holding Company (GTCO) traded 21.781 million shares valued at N1.874 billion.