By OLUSHOLA BELLO, Lagos –
The Nigerian Equities market began the week, yesterday in the red zone to profit taking on high capitalised stocks.
In summary, the All Share Index (ASI) shed 343.54 absolute points, representing a decline of 0.88 per cent to close at 38,913.99 points. The market capitalisation shed N119 billion to close at N13.553 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, Unilever Nigeria Stanbic IBTC and Presco.
Analysts at Afrinvest Limited stated that “yesterday market performance was negative as investors booked profit in large-cap stocks which rallied the previous week. Nonetheless, we maintain a positive outlook in the near term as fund managers’ return to strategic weightings during year-end rebalancing cycle.”
Similarly, market breadth closed negative, recording 14 gainers against 28 losers. Mobil recorded the highest price gain of 9.47 per cent, to close at N174.96 per share. Nascon followed with a gain of 4.99 per cent to close at N18.74, while Neimeth appreciated by 4.35 per cent, to close at 72 kobo per share.
Nestle Nigeria went up by 3.54 percent, to close at N1,460, while Dangote Sugar rose by 3.30 per cent to close at N20.69 per share.
On the other hand, Learn Africa and UBA led the losers’ chart by five per cent each, to close at 95 kobo and N10.45 per share, respectively. CI Leasing followed with a decline of 4.86 per cent to close at N1.37, Eterna Oil shed 4.83 per cent to close at N4.14, while Fidelity Bank depreciated by 4.83 per cent to close at N2.37 per share.
Also, the total volume traded depreciated by 33.9 per cent to 350.6 million shares, worth N4.92 billion, and traded in 4,884 deals. Transactions in the shares of FBN Holdings topped the activity chart with 61.27 million shares valued at N553.14 million. Zenith Bank followed with 35.32 million shares worth N928.74 million, while Diamond Bank traded 34.1 million shares valued at N47.58 million.
Transcorp traded 30.33 million shares valued at N43.51 million, while Access Bank sold 29.86 million shares worth N344.52 million.