Bulls Lose Steam As Equities Market Dips By N325bn Amid Profit Booking

The Nigerian equities market yesterday experienced a downturn by N325 billion loss amid profit booking.

The All Share Index (ASI) lost 512.60 points, representing a decline of 0.36 per cent to close at 141,248.76 points. Also, market capitalisation lost N325 billion to close at N 89.372 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Guinness Nigeria, Nigerian Exchange Group, Unilever Nigeria, Guaranty Trust Holding Company (GTCO) and NASCON Allied Industry.

Market sentiment remained subdued, evidenced by a negative breadth with 17 stocks advancing compared to 40 declining. Deap Capital Management and Trust recorded the highest price gain of 4.82 per cent to close at N1.74 per share. Legend Interne followed with a gain of 4.63 per cent to close at N5.65, while Honeywell Flour Mills was up by 4.17 per cent to close at N22.50 per share.

Tantalizer rose by 3.60 per cent to close at N2.59, while Africa Prudential appreciated by 3.13 per cent to close at N16.50 per share.

On the other hand, Cornerstone Insurance and R.T. Briscoe led the losers’ chart by 10 per cent each to close at N6.39 and N3.06 respectively, while Associated Bus Company followed with a decline of 9.80 per cent to close at N4.51, per share.

Nigerian Exchange Group depreciated by 9.70 per cent to close at N53.55, while Mutual Benefits Assurance declined by 9.58 per cent to close at N4.06 per share.

The total volume traded rose 12.87 per cent to 682.890 million units, valued at N22.222 billion, and exchanged in 28,695 deals. Transactions in the shares of FCMB Group topped the activity chart with 108.485 million shares valued at N1.193 billion. Sterling Financial Holdings Company followed with 86.040 million shares worth N688.083 million, while Cutix traded 45.807 million shares valued at N155.691 million.

Access Holdings traded 39.341 million shares valued at N1.076 billion, while First HoldCo sold 35.781 million shares worth N1.163 billion.