Equities Market Declines By N15bn

The Nigerian equities market yesterday declined by N15 billion on selloffs in Geregu Power Plc and 23 others.

The All-Share Index (ASI) lost 27.06 points, representing a decline of 0.04 per cent to close at 65,309.65 points. Also, market capitalisation declined by N15 billion to close at N35.540 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Geregu Power, Northern Nigeria Flour Mills (NNFM), Eterna, Dangote Sugar Refinery and Cadbury Nigeria.

As measured by market breadth, market sentiment was positive, as 29 stocks gained relative to 24 losers. Guinness Nigeria emerged the highest price gainer of 10 per cent to close at N60.50, per share. GlaxoSmithKline Consumer Nigeria followed with a gain of 9.74 per cent to close at N10.70, while Chellaram rose by 9.73 per cent to close at N3.72, per share.

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The Initiates Plc increased by 9.72 per cent to close at 79 kobo, while Universal Insurance added 9.09 per cent to close at 24 kobo, per share. On the other side, Secure Electronic Technology led the losers’ chart with 10 per cent to close at 27 kobo, per share. Northern Nigeria Flour Mills (NNFM) followed with a decline of 9.89 per cent to close at N12.30, while John Holt shed 9.52 per cent to close at N1.33, per share.

Tantalizer declined by 8.33 per cent to close at 33 kobo, while Mutual Benefits Assurance dipped by 7.69 per cent to close at 48 kobo, per share.

The total volume traded declined by 4.97 per cent to 317.808 million units, valued at N4.472 billion, and exchanged in 6,376 deals. Transactions in the shares of Access Holdings led the activity with 49.355 million shares worth N861.161 million. Sterling Financial Holdings Company followed with an account of 43.823 million shares valued at N153.937 million, while Universal Insurance traded 28.864 million shares valued at N6.897 million.

FCMB Group traded 18.126 million shares worth N112.162 million, while FBN Holdings (FBNH) traded 14.302 million shares worth N261.734 million.

Africans auto sector is not going to be met by Egypt, Morocco, South Africa. We have to have more countries that are producing vehicles for the African continent–Secretary general, AfCFTA, Wamkele Mene