Equities Market Begins Week With N169bn Loss

Activities in the domestic equities market resumed the week yesterday on a sour note, as investors took profit off Presco Plc and 16 others, resulting in N169 billion loss.

The All Share Index (ASI) decreased by 313.16 absolute points, representing a dip of 0.58 per cent to close at 53,772.14 points. Similarly, the market capitalisation lost N169 billion  to close at N28.989 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Presco, MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Lafarge Africa and University Press.

Going into the week, analysts at United Capital Plc expected sentiments to remain soft and could support further profit taking, particularly if fixed income yields continue to surge in light of the MPR rate hike, saying, “nevertheless, we advise investors not to panic and rather take advantage of the dip to increase positions in attractively priced fundamental stocks.”

As measured by market breadth, market sentiment was positive  as 25 stock gained relative to 17 losers. Trans Nationwide Express recorded the highest price gain of 9.86 per cent to close at 78 kobo, per share. NPF Microfinance Bank followed with a gain 9.76 per cent to close at N1.80, while UAC of Nigeria (UACN) appreciated  by 9.52 per cent to close at N11.50, per share.

Jaiz Bank went up by 8.97 per cent to close at 85 kobo, while Livestock Feeds  appreciated by 6.67 per cent  to close at N1.60,  per share. On the other hand, Presco led the losers’ chart by 10 per cent, to close at N162.00, per share.

University Press followed with a decline of 8.77 per cent to close at N2.60, while FTN Cocoa processors went down by 8.57 to close at 32 kobo, per share.

May & Baker Nigeria lost 7.60 per cent to close at N4.01, while Wema Bank shed 6.85 per cent to close at N3.40, per share.

The total volume traded surged significantly by 13,146.69 to 27.565 billion units, valued at N194.356 billion and exchanged in 4,586 deals, following a block-divestment in Union Bank of Nigeria (UBN).

Thus, UBN was the most traded stock by volume and value with 27.337 billion shares valued at N191.359 billion. Transnational Corporation of Nigeria (Transcorp) followed with 70.067 million shares worth N85.102 million, while Access Holdings traded 21.249 million shares valued at N212.351 million.

Jaiz Bank traded 16.266 million shares valued at N13.625 million, while  Sterling Bank transacted 10.535 million shares worth N15.872 million.