Equities Market Sustains Bearish Run, Down N673bn

The Nigerian equities yesterday sustained the bearish run as the overall capitalization lost N673 billion.
The All-Share Index (ASI) lost 1,190.24 points, representing a decline of 1.20 per cent to close at 98,121.30 points. Also, market capitalisation declined by N673 billion to close at N 55.494 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Transcorp Hotels, FBN Holdings (FBNH), Fidson Healthcare and Transnational Corporation (Transcorp).

However, market breadth closed positive, as 22 stocks gained relative to 19 losers. SUNU Assurance, Neimeth International Pharmaceuticals and The Initiates Plc (TIP) emerged the highest price gainer of 10 per cent each to close at N1.21, N1.98 and N1.98 respectively, per share. CAP followed with a gain of 9.90 per cent to close at N28.85, while UPDC rose by 9.76 per cent to close at N1.35, per share.

On the other side, Transcorp Hotels and MTNN led the losers’ chart with 10 per cent each to close at N87.93 and N201.60 respectively, while Oando followed with a decline of 9.90 per cent to close at N9.10, per share.

FBNH depreciated by 9.82 per cent to close at N19.75, while Fidson Healthcare down by 9.75 per cent to close at N14.35, per share.

The total volume traded declined by 31.10 per cent to 395.751 million units, valued at N9.576 billion, and exchanged in 7,907 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 81.407 million shares worth N2.931 billion. Zenith Bank followed with account of 46.156 million shares valued at N1.691 billion, while United Bank for Africa (UBA) traded 41.600 million shares valued at N953.518 million.

FBNH traded 23.44 million shares worth N480.999 million, while Access Holdings traded 22.301 million shares worth N361.895 million.