Equities Market Ends Bullish Streak, Declines By N458bn

The Nigerian equities market yesterday reversed its gains, ending a nine-day winning streak into the new year, with the market capitalisation declining  by N458 billion.

The All Share Index (ASI) lost by 714.66 points, representing a loss of 0.43 per cent to close at 166,057.29 points. Also, market capitalisation lost N458 billion to close at N106.323 trillion.

The overall downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Aradel Holdings, MTN Nigeria Communications (MTNN), Eunisell Interlinked, Ikeja Hotels and Nigerian Aviation Handling Company (NAHCO).

Market breadth was negative, with 36 gainers overshadowed by 41 losers. Nestle Nigeria recorded the highest price gain of 10 per cent to close at N2, 153.80 and per share. NCR Nigeria followed with an increase of 9.97 per cent to close at N116.90, while Jaiz Bank rose by 9.92 per cent to close at N8.20 per share.

Morison Industries appreciated by 9.90 per cent to close at N5.66, while MeCure Industries was up by 9.84 per cent to close at N97.70 per share.

On the other hand, McNichols led the losers’ chart by 9.99 per cent to close at N6.58, per share. Caverton Offshore Support Group followed with a decline of 9.47 per cent to close at N7.65, while Ikeja Hotel declined by 9.43 per cent to close at N35.05 per share.

FTN Cocoa Processors depreciated by 9.38 per cent to close at N7.05, while Neimeth International Pharmaceuticals declined by 8.91 per cent to close at N9.20 per share.

Meanwhile, the total volume traded rose by 35.80 per cent to 1.035 billion units, valued at N31.590 billion, and exchanged in 51,227 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 245.183 million shares valued at N798.451 million. Access Holdings followed with 78.411 million shares worth N1.801 billion, while Zenith Bank traded 72.434 million shares valued at N5.029 billion.

Jaiz Bank traded 53.729 million shares valued at N433.867 million, while Lasaco Assurance traded 53.409 million shares valued at N135.074 million.