Equities Extend Losing Streak As Capitalization Drops By N150bn

The Nigerian equities market yesterday extended its bearish streak for the fourth consecutive session, as investors’ investments lost N150 billion.

The All Share Index (ASI) lost by 237.34 points, representing a loss of 0.20 per cent to close at 119,741.23 points. Also, market capitalisation lost N150 billion to close at N75.801 trillion.

The overall downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, PZ Cussons Nigeria, Guaranty Trust Holding Company (GTCO), Zenith Bank and Dangote Sugar Refinery.

However, market sentiment remained strong, as reflected in a positive market breadth, driven by 46 gainers outperforming 23 laggards in yesterday’s session.

Honeywell Flour Mills, McNichols, Mutual Benefits Assurance and RT Briscoe recorded the highest price gain of 10 per cent each to close at N23.65, N2.53, N1.21 and N2.75 respectively, per share.

Lasaco Assurance followed with a gain of 9.96 per cent to close at N2.98, while Neimeth Pharmaceutical, Meyer and Ellah Lakes up by 9.95 per cent each to close at N7.18, N11.05 and N8.40 respectively, per share.

On the other hand, University Press led the losers’ chart by 10 per cent to close at N5.04, per share. SCOA Nigeria followed with a decline of 9.83 per cent to close at N4.86, while Thomas Wyatt Nigeria shed 9.57 per cent to close at N1.70, per share.

PZ Cussons Nigeria depreciated by 7.89 per cent to close at N35.00, while Chams Holding Company declined by 6.38 per cent to close at N2.20, per share.

The total volume traded declined by 74.06 per cent to 527.080 million units, valued at N11.277 billion, and exchanged in 21,546 deals. Transactions in the shares of Ellah Lakes topped the activity chart with 46.051 million shares valued at N385.120 million.

UPDC followed with 38.510 million shares worth N119.659 million, while Universal Insurance traded 30.385 million shares valued at N18.195 million.

Nigerian Breweries traded 28.905 million shares valued at N1.747 billion, while Japaul Gold & Ventures sold 21.752 million shares worth N52.198 million.