Equities Market Opens October Trading On Decline

Trading activities in the domestic equities market yesterday lost N187 billion to start the month of October on a negative note.

The All-Share Index (ASI) declined by 326.40 points, representing a loss of 0.33 per cent to close at 98,232.39 points. Also, market capitalisation shed N187 billion to close at N56.448 trillion.

The downtrend was driven by price depreciation in large and medium capitalised stocks amongst which are; Oando, United Bank for Africa (UBA), FBN Holdings (FBNH), MTN Nigeria Communications and Dangote Sugar Refinery.

As measured by market breadth, market sentiment was negative, as 32 stocks lost relative to 26 gainers. International Breweries emerged the highest price gainer of 9.98 per cent to close at N4.41, per share. Meyer followed with a gain of 9.94 per cent to close at N8.52, while Veritas Kapital Assurance increased by 9.93 per cent to close at N1.66, per share.

Tripple Gee and Company rose by 9.91 per cent to close at N4.99, while Deap Capital Management & Trust appreciated by 9.84 per cent to close at N1.34, per share. On the other side, Ellah Lakes led others on the losers’ chart with 9.93 per cent to close at N3.99, per share. Caverton Offshore Support Group followed with a decline of 9.92 per cent to close at N2.18, while ABC Transport shed 9.57 per cent to close at N1.04, per share.

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Livestock Feeds depreciated by 9.03 per cent to close at N2.72, while Consolidated Hallmark Holdings dipped by 7.24 per cent to close at N1.41, per share.

The total volume traded decreased by 77.24 per cent to 425.765 million units, valued at N8.451 billion, and exchanged in 11,954 deals. Transactions in the shares of UBA led the activity with 95.239 million shares worth N2.667 billion. Veritas Kapital Assurance followed accounting for 22.426 million shares valued at N35.668 million, while Zenith Bank traded 20.850 million shares valued at N786.846 million.

Ellah Lakes traded 14.595 million shares worth N60.495 million, while Regency Alliance Insurance traded 13.758 million shares worth N11.282 million.