Equities Market Declines Further By N82bn

The bears continued to dominate the domestic equities market as the overall capitalisation extended losses by N82 billion yesterday.

The All Share Index (ASI) fell by 148.95 absolute points, representing a decrease of 0.27 per cent to close at 54,035.39 points. Accordingly, investors lost N82 billion in value as market capitalisation declined to N29.436 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group, Guaranty Trust Holding Company (GTCO), Zenith Bank, Eterna and Multiverse Mining and Exploration.

Market breadth closed negative as 14 stocks gained relative to 21 decliners. SCOA Nigeria recorded the highest price gain of 10 per cent to close at 99 kobo, per share. Nigerian Aviation Handling Company (NAHCO) followed with a gain 9.55 per cent to close at N9.75, while Linkage Assurance gained 9.09 per cent to close at 48 kobo, per share.

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SUNU Assurance appreciated by 8.51 per cent to close at 51 kobo, while Wapic Insurance gained 8.11 per cent to close at 40 kobo, per share. On the other hand, Multiverse Mining and Exploration led the losers’ chart by 9.88 per cent to close at N2.92, per share. Eterna followed with a decline of 8.94 per cent to close at N5.60, while Associated Bus Company declined by 8.82 per cent to close at 31 kobo, per share.

Nigerian Exchange Group shed 5.45 per cent to close at N26.00, while AIICO Insurance shed 5.00 per cent to close at 57 kobo, per share.

Meanwhile the total volume of trades rose by 1.43 per cent to 296.736 million units, valued at N3.066 billion, and exchanged in 4,590 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 46.589 million shares valued at N249.369 million. Oando followed with 33.367 million shares worth N187.928 million, while Transnational Corporation (Transcorp) traded 30.724 million shares valued at N42.075 million.

AXA Mansard Insurance traded 30.135 million shares valued at N67.897 million, while United Bank for Africa (UBA) transacted 21.414 million shares worth N180.161 million.