Equities Market Suffers More Losses By N74bn

The local equities market yesterday closed on a negative note as selloffs on Nigerian Exchange Group Plc and 29 others dragged the capitalisation lower by N74 billion.

The All Share Index (ASI) declined by 130.56 points, representing a decline of 0.13 per cent to close at 97,343.42 points. Accordingly, market capitalisation shed by N74 billion to close at N55.058 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group, PZ Cussons Nigeria, UAC of Nigeria (UACN), Zenith Bank and United Bank for Africa (UBA).

As measured by market breadth, market sentiment was negative, as 30 stocks lost relative to 13 gainers. Custodian Investment recorded the highest price gain of 9.63 per cent to close at N10.25, per share. International Energy Insurance followed with a gain of 9.29 per cent to close at N1.53, while Sovereign Trust Insurance rose by 7.89 per cent to close at 41 kobo, per share.

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NPF Micro Finance Bank went up by 7.10 per cent to close at N1.96, while Champion Breweries appreciated by 6.11 per cent to close at N3.30, per share.

On the other hand, FTN Cocoa Processors and PZ Cussons Nigeria led the losers’ chart by 10 per cent each to close at N1.44 and N20.25 respectively, while Sterling Financial Holdings Company followed with a decline of 9.89 per cent to close at N4.01, per share.

The Initiates Plc (TIP) depreciated by 9.78 per cent to close at N2.03 and UACN declined by 9.76 per cent to close at N13.40, per share.

The total volume traded declined by 16.0 per cent to 355.554 million units, valued at N7.143 billion, and exchanged in 7,333 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 71.872 million shares valued at N3.038 billion. Custodian Investment followed with 65.466 million shares worth N785.263 million, while Access Holdings traded 24.167 million shares valued at N416.727 million.

Tantalizers traded 21.305 million shares valued at N22.414 million, while Prestige Assurance sold 17.536 million shares worth N8.955 million.