The Nigerian equities market yesterday closed on a negative note following share price depreciation in Aradel Holdings Plc and 27 others.
The All-Share Index declined by 47.93 points, representing a loss of 0.05 per cent, to close at 102,788.20 points. However, the overall market capitalisation value gained N1 billion to close at N63.148 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Aradel Holdings, Dangote Sugar Refinery, MTN Nigeria Communications (MTNN), NASCON Allied Industries and Ikeja Hotels.
On market outlook, Afrinvest Limited said, “we anticipate the negative momentum to persist tomorrow owing to cautious trading strategy by large portfolio managers as market awaits clarity on how the ongoing CPI rebasing exercise would impact inflation and monetary policy rate trajectory for the year.”
Investor sentiment, as measured by market breadth, remained unchanged as 28 stocks gained, while 28 lost. SCOA Nigeria recorded the highest price gain of 9.76 per cent to close at N3.60, per share. DAAR Communications followed with a gain of 9.09 per cent to close at 84 kobo, while May & Baker Nigeria rose by 8.43 per cent to close at N9.00, per share.
Prestige Assurance up by 6.82 per cent to close at N1.41 and Red Star Express appreciated by 4.99 per cent to close at N5.05, per share.
On the other hand, Morison Industries led the losers’ chart by 9.98 per cent to close at N3.61, per share. C&I Leasing followed with a decline of 9.91 per cent to close at N3.91, while Ikeja Hotel lost 8.89 per cent to close at N12.30, per share.
NEIMETH International Pharmaceuticals down by 8.51 per cent to close at N3.44, while SUNU Assurance declined by 8.03 per cent to close at N5.50, per share.
The total volume traded declined by 3.1 per cent to 394.358 million units, valued at N22.777 billion, and exchanged in 12.160 deals.
Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 42.145 million shares valued at N2.567 billion. United Bank for Africa (UBA) followed with 37.446 million shares worth N1.296 billion, while Zenith Bank traded 25.155 million shares valued at N1.217 billion.
Access Holdings traded 24.337 million shares valued at N601.569 million, while Jaiz Bank transacted 13.840 million shares worth N41.413 million.
