Equities Market Loses N357bn Over Sustained Profit-taking

The local equities market yesterday maintained the losing streak for the second consecutive session by a N357 billion loss, following losses in Nigerian Exchange Group Plc and 50 others.

The All-Share Index declined by 564.79 per cent, representing a loss of 0.39 per cent, to close at 145,300.01 points. Similarly, the overall market capitalisation value shed N357 billion to close at N91.927 trillion.

The negative market performance was driven by price depreciation in large and medium-capitalised stocks, including Nigerian Exchange Group, Dangote Sugar Refinery, Custodian Investment, Cadbury Nigeria, and Wema Bank.

On market outlook, Afrinvest Limited said, “We anticipate an extended negative close on the bourse, as the market awaits fresh catalysts.”

Market sentiment remained weak, as reflected in the negative market breadth: 22 gainers against 50 losers. Juli recorded the highest price gain of 10 per cent to close at N9.90 per share. Austin Laz & Company followed with a gain of 9.91 per cent to close at N2.33, while NCR Nigeria appreciated by 9.43 per cent to close at N8.70 per share.

Thomas Wyatt Nigeria appreciated by 8.19 per cent to close at N3.70, while Chams Holding Company rose by 8.06 per cent to close at N2.95 per share.

On the other hand, C&I Leasing, Lasaco Assurance, Sovereign Trust Insurance, UPDC, and Wema Bank led the losers’ chart by 10 per cent each to close at N7.20, N4.50, N3.24, N7.20, and N20.70 per share, respectively.

International Energy Insurance and Cornerstone Insurance followed with declines of 9.98 per cent each to close at N3.70 and N7.67, respectively, while Ellah Lakes lost 9.97 per cent to close at N15.90 per share.

The total volume traded advanced by 83.01 per cent to 2.456 billion units, valued at N2.456 billion, and exchanged in 43,515 deals. Transactions in the shares of Universal Insurance topped the activity chart with 390.400 million shares valued at N577.438 million. AIICO Insurance followed with 236.570 million shares worth N1.109 billion, while Linkage Assurance traded 214.266 million shares valued at N589.186 million.