The Nigerian equities market yesterday sustained prior trading day on a negative note as the bears prevailed in the market.
The All-Share Index (ASI) shed 336.82 points, representing a decline of 0.32 per cent to close at 104,181.32 points. Also, market capitalisation dipped by N191 billion to close at N58.905 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; FBN Holdings (FBNH), Access Holdings, Stanbic IBTC Holdings, NEM Insurance and Guaranty Trust Holding Company (GTCO).
This week, United Capital Plc said, “we expect bargain hunting activities to continue, with the recent release of a flurry of full year 2023 audited financial statements, and corporate actions. We expect a sustained southward trend of short-term rates in the fixed income market to motivate further bullish sentiments toward equity investments at different intervals.”
As measured by market breadth, market sentiment was positive, as 21 stocks gained relative to 32 losers. University Press emerged the highest price gainer of 9.84 per cent to close at N2.68, per share. SCOA Nigeria followed with a gain of 9.69 per cent to close at N2.15, while Morison Industries advanced by 9.66 per cent to close at N1.93, per share.
Cutix rose by 9.62 per cent to close at N2.85, while Mutual Benefits Assurance appreciated by 9.38 per cent to close at 70 kobo, per share. On the other side, International Energy Insurance and Caverton Offshore Support Group led others on the losers’ chart with 10 per cent each to close at N1.44 and N1.62 respectively, while Thomas Wyatt Nigeria followed with a decline of 9.63 per cent to close at N1.97, per share.
NEM Insurance lost 9.60 per cent to close at N8.95, while Tantalizers depreciated by 9.52 per cent to close at 38 kobo, per share.
The total volume traded declined by 25.75 per cent to 405.026 million units, valued at N8.908 billion, and exchanged in 10,364 deals. Transactions in the shares of Access Holdings led the activity with 50 million shares worth N1.242 billion. United Bank for Africa (UBA) followed with an account of 49.006 million shares valued at N1.370 billion, while Transnational Corporations (Transcorp) traded 45.947 million shares valued at N612.799 million.
Zenith Bank traded 41.877 million shares worth N1.864 billion, while Guaranty Trust Holding Company traded 29.703 million shares worth N1.569 billion
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