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Home News Business

Equities Market Extends Losses By N66bn

by Olushola Bello
4 weeks ago
in Business
0
equities
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The Nigerian equities market, yesterday extended losses for the second consecutive sessions with N66 billion as the market reacted to interest rate hike.

The All Share Index (ASI) decreased by 122.36 absolute points, representing a dip of 0.23 per cent to close at 52,186.52 points. Similarly, the market capitalisation lost N66 billion  to close at N28.142 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Nigerian Exchange Group (NGXGroup), Nigerian Aviation Handling Company (NAHCO), Guaranty Trust Holding Company (GTCO) and Oando Plc.

Stocks analysts expected cautious trading as players digest the rate hike outcome of Monetary Policy Committee (MPC) meeting, as market expects more earnings reports and interim dividend.

GTI Securities Limited said: “equity market closed trading activities for yesterday negative, as sell-off was seen across four major market sectors, led by the Consumer goods sector.

“We expect cautious trading to continue through the week, as investors react to the recent Interest rate hike by the Apex bank and rising inflation.”

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Market breadth closed negative, with 22 losers versus 13 gainers. Multiverse Mining and Exploration and Computer Warehouse Group (CWG) recorded the highest price gain of 9.88 per cent eac to close at N1.78 and 89 kobo respectively, per share.

Academy Press followed with a gain 9.68 per cent to close at N2.04, while R.T. Briscoe Nigeria and The Initiates Plc (TIP) appreciated by 9.09 per cent each to close at 48 kobo each, per share.

On the other hand, NAHCO led the losers’ chart by 10.00 per cent to close at N5.40, per share. FTN Cocoa processors followed with a decline of 8.57 per cent to close at 32 kobo, wile Nigerian Breweries lost 6.13 per cent to close at N49.75, per share.

Consolidated Hallmark Insurance declined by 5.71 per cent to close at 66 kobo, while Oando shed 5.50 per cent to close at N5.15, per share.

However, the total volume traded rose 15.87 per cent to 238.270 million shares, worth N3.336 billion, and traded in 3,814 deals. Transactions in the shares of LivingTrust Mortgage Bank topped the activity chart with 40.909 million shares valued at N49.091 million. Nigerian Breweries followed with 30.379 million shares worth N1.513 billion, while United Bank for Africa (UBA) traded 26.708 million shares valued at N198.455 million.

Access Holdings traded 21.903 million shares valued at N199.093 million, while FBN Holdings (FBNH) transacted 17.859 million shares worth N196.625 million.

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