By OLUSHOLA BELLO, Lagos –
The Nigerian equities market, yesterday lost N170 billion, beginning the week in the red.
In summary, the All Share Index (ASI) shed 478.12 absolute points, representing a decline of 1.24 per cent to close at 37,957.96 points. However, the market capitalisation shed N170 billion to close at N13.508 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, international Breweries, Nascon and Allied industries, Cadbury and Flourmill Nigeria.
Analysts at Afrinvest Limited said, “Despite yesterday’s negative performance, market breadth strengthened. Hence, we expect a rebound in subsequent trading sessions as investors take position in anticipation of year-end rally.”
However, market breadth closed at par, recording both 19 gainers and 19 losers. Presco recorded the highest price gain of 8.81 per cent, to close at N72 per share. UAC Property followed with a gain of 5.66 per cent to close at N2.80, while Champion Breweries and Vitafoam appreciated by five per cent, each to close at N2.10 and N2.94 per share, respectively. Union Bank up by 4.90 percent, to close at N7.92 per share.
On the other hand, Cadbury Nigeria led the losers’ chart by 5.89 per cent, to close at N13.90 per share, while Eterna and international Breweries followed with a decline of five per cent, each to close at N3.99 and N52.10 per share, respectively. Nascon and Allied Industries declined by 4.97 percent, to close at N18.34 and Caverton declined by 4.38 per cent to close at N1.31 per share.
Investors traded a total of 752.11 million shares valued at N127.93 billion in 3,576 deals. The surge in volume and value can be primarily attributed to trades in Dangote Cement, topping the activity chart with 550.09 million shares valued at N124.1 billion. Guaranty Trust Bank followed with 41.33 million shares worth N1.65 billion, while Zenith Bank traded 35.3 million shares valued at N904.26 million.
FBN Holdings traded 21.73 million shares valued at N192.29 million, while UBA sold 21.5 million shares worth N218.1 million.