Equities Extend Losses By N345bn

The Nigerian equities market yesterday declined by N345 billion on selloffs in Transnational Corporation (Transcorp) Plc and 43 others.

The All-Share Index declined by 550.88 points, representing a loss of 0.51 per cent, to close at 106,904.25 points. Similarly, the overall market capitalisation value shed N345 billion to close at N66.943 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Transnational Corporation, Eterna, Dangote Sugar Refinery, Ecobank Transnational Incorporated (ETI) and Oando.

On market performance, Afrinvest Limited said “we expect the market to follow a similar trend owing to downbeat sentiment.”

Also, investor sentiment, as measured by market breadth, closed negative as 17 stocks advanced, while 44 declined.

NEM Insurance recorded the highest price gain of 8.78 per cent to close at N14.25, per share. Ikeja Hotel followed with a gain of 8.72 per cent to close at N11.85, while Consolidated Hallmark Holdings rose by 6.76 per cent to close at N3.95, per share.

Livestock Feeds up by 4.53 per cent to close at N7.85 and International Breweries appreciated by 4.00 per cent to close at N5.20, per share.

On the other hand, Dangote Sugar Refinery, Deap Capital Management and Trust, Eterna, Guinea Insurance and Transcorp led the losers’ chart by 10 per cent each to close at N36.00, 90 kobo, N37.80, 63 kobo and N51.30 respectively, per share.

Champion Breweries followed with a decline of 9.93 per cent to close at N3.90, while ETI lost 9.79 per cent to close at N29.50, per share.

However, the total volume traded  increased by 28.4 per cent to 395.467 million units, valued at N8.764 billion, and exchanged in 13,967 deals. Transactions in the shares of Zenith Bank topped the activity chart with 32.373 million shares valued at N1.556 billion. Fidelity Bank followed with 19.730 million shares worth N344.047 million, while Access Holdings traded 16.881 million shares valued at N430.846 million.

Nigerian Exchange Group traded 15.831 million shares valued at N512.214 million, while Ellah Lakes transacted 15.024 million shares worth N46.496 million.