Equities Sustain Bearish Momentum By N21bn Loss

The Nigerian equities market yesterday sustained its bearish momentum, with sell-offs in MTN Nigeria Communications (MTNN) Plc and 22 others, dragging the overall capitalisation down by N21 billion.

The All Share Index (ASI) lost by 34.84 points, representing a decrease of 0.04 per cent to close at 98,023.23 points. Also, market capitalisation declined by N21 billion to close at N59.397 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: MTNN, Nigerian Exchange Group, Fidson Healthcare, Jaiz Bank and FBN Holdings (FBNH).

However, market breadth closed positive as 33 stocks gained relative to 23 losers. University Press, Vitafoam Nigeria and Skyway Aviation Handling Company recorded the highest price gain of 10 per cent each to close at N3.08, N22.00 and N27.50 respectively, per share.

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Eunisell Interlinked followed with a gain of 9.93 per cent to close at N4.65, while Nigerian Aviation Handling Company (NAHCO) rose by 9.89 per cent to close at N38.90, per share.

On the other hand, PZ Cussons Nigeria and Jaiz Bank led the losers’ chart by 10 per cent each to close at N18.90 and N2.25 respectively, while ABC Transport followed with a decline of 9.63 per cent to close at N1.22, per share.

UPDC depreciated by 9.38 per cent to close at N1.45, while International Energy Insurance declined by 8.97 per cent to close at N1.32, per share.

The total volume traded increased 35.0 per cent to 538.956 million units, valued at N15.301 billion, and exchanged in 10,028 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 106.677 million shares valued at N241.358 million. United Bank for Africa (UBA) followed with 95.911 million shares worth N2.851 billion, while Chams Holding Company traded 80.661 million shares valued at N162.163 million.

MTNN traded 30.756 million shares valued at N5.389 billion, while Zenith Bank sold 23.076 million shares worth N912.172 million.