Another Red Start For Equities Market As Sell-Offs Erase N69bn

The Nigerian equities market yesterday extended its bearish run for another week, closing in negative territory as sustained profit taking continued to pressure overall performance.

The All Share Index (ASI) lost 108.01 points, representing a 0.08% decline to close at 143,614.61 points. Also, the market capitalisation lost N69 billion to close at N91.346 trillion.

The overall downturn was impacted by losses recorded in medium- and large-capitalised stocks, including Vitafoam Nigeria, United Bank for Africa (UBA), Africa Prudential, Sterling Financial Holdings Company, and Transnational Corporation (Transcorp).

On market outlook, by Futureview Group stated that “we expect investors to trade cautiously ahead of the MPC rate decision and Monday’s FGN Bond auction, while selectively targeting fundamentally strong stocks at attractive valuations.”

Market sentiment remained soft, reflected in a slightly negative market breadth of 17 gainers against 26 losers. eTranzact International recorded the highest price gain of 9.06 per cent to close at N14.45 per share. International Energy Insurance followed with a gain of 8.49 per cent to close at N2.30, while McNichols rose by 7.00 per cent to close at N2.75 per share.

C&I Leasing appreciated by 5.47 per cent to close at N5.59, while UPDC up by 5.26 per cent to close at N6.00 per share.

On the other hand, NPF Microfinance Bank led the losers’ chart by 7.85 per cent to close at N2.70 per share. Prestige Assurance followed with a decline of 7.48 per cent each to close at N1.36, while Sterling Financial Holdings Company declined by 6.94 per cent to close at N6.70 per share.

Wapic Insurance declined by 6.18 per cent to close at N2.43, while Deap Capital Management & Trust dipped by 5.59 per cent to close at N1.52 per share.

Meanwhile, the total volume traded rose marginally by 4.04 per cent to 694.777 million units, valued at N28.672 billion, and exchanged in 24,041 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 203.852 million shares valued at N17.236 billion. Fidelity Bank followed with 131.511 million shares worth N2.500 billion, while Japaul Gold & Ventures traded 68.823 million shares valued at N145.911 million.

FCMB Group traded 37.988 million shares valued at N386.695 million, while Access Holdings sold 21.876 million shares worth N449.505 million.