Equities Market Extends Negative Run

The All-Share Index (ASI) lost 1.219.93 points, representing a decline of 0.50 per cent to close at 241,984.80 points. Also, market capitalisation declined by N782 billion to close at N 155.204 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Vitafoam Nigeria, Guaranty Trust Holding Company (GTCO), Zenith Bank, Dangote Sugar Refinery and Nigerian Exchange Group.

On market outlook, Cowry Assets Management Limited stated that the market outlook remains cautious, with profit-taking pressures and lingering Oil & Gas sector uncertainties likely to weigh on investor sentiment.

Imperial Asset Managers Limited maintained its selective investment stance, advising investors to focus on fundamentally sound, dividend-paying stocks with strong earnings visibility, while remaining alert to value opportunities created by recent indiscriminate selling in quality banking names.

Market breadth remained negative, as 37 decliners outweighed 19 advancers. Conoil and Prestige Assurance emerged the highest price gainer of 10 per cent each to close at N213.00 and N1.57 respectively, while Neimeth International Pharmaceuticals followed with a gain of 9.74 per cent to close at N8.45, per share.

eTranzact International up by 9.40 per cent to close at N16.30, while Cornerstone Insurance appreciated by 9.09 per cent to close at N5.40, per share.

On the other side, International Energy Insurance and Vitafoam Nigeria led the losers’ chart with 10 per cent each to close at N5.76 and N189.00 respectively, while Austin Laz & Company followed with a decline of 9.93 per cent to close at N3.90, per share.

SUNU Assurance depreciated by 9.82 per cent to close at N3.58, while Sovereign Trust Insurance down by 8.37 per cent to close at N2.30, per share.

The total volume traded declined by 38.5 per cent to 457.92 million units, valued at N27.23 billion, and exchanged in 50,332 deals. Transactions in the shares of Sterling Financial Holdings Company led the activity with 100.900 million shares worth N782.819 million. UACN followed with account of 49.371 million shares valued at N9.115 billion, while Access Holdings traded 28.762 million shares valued at N699.315 million.

Zenith Bank traded 24.937 million shares worth N3.009 million, while GTCO traded 20.240 million shares worth N2.646 billion.