Equities Market Snaps Winning Streak, Loses N24bn

The domestic equities market yesterday snapped its three-day winning streak as the overall capitalisation shed N24 billion on selloff in MTN Nigeria Communications (MTNN) Plc and 14 others.

The All Share Index (ASI) declined by 43.27 points, representing a decline of 0.04 per cent to close at 100,032.32 points. Accordingly, market capitalisation shed by N24 billion to close at N56.646 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTNN, NASCON Allied Industries, Dangote Sugar Refinery, Wema Bank and AXA Mansard Insurance.

As measured by market breadth, market sentiment was positive, as 28 stocks gained relative to 15 losers. United Capital recorded the highest price gain of 10 per cent to close at N36.30, per share. Africa Prudential followed with a gain of 9.88 per cent to close at N8.90, while Cutix rose by 9.86 per cent to close at N6.13, per share.

Oando went up by 5.63 per cent to close at N16.90, while Julius Berger appreciated by 4.79 per cent to close at N87.50, per share.

On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 5.71 per cent to close at 66 kobo, per share. FTN Cocoa Processors followed with a decline of 4.44 per cent to close at N1.72, while Tantalizer declined by 4.26 per cent to close at 45 kobo, per share.

NEIMETH International Pharmaceuticals depreciated by 3.52 per cent to close at N1.64 and Consolidated Hallmark Holdings declined by 3.45 per cent to close at N1.40, per share.

The total volume traded increased by 198.40 per cent to 1.009 billion units, valued at N10.076 billion, and exchanged in 8,720 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 528.491 million shares valued at N1.145 billion. Cutix followed with 194.644 million shares worth N1.193 billion, while Zenith Bank traded 77.752 million shares valued at N3.107 billion.

Universal Insurance traded 36.263 million shares valued at N12.348 million, while FCMB sold 33.884 million shares worth N257.088 million.