Opening the week, yesterday, the bears continued to dominate the Nigerian equities market as the overall capitalisation declined by N569 billion. This loss marked the stock market’s sixth straight session loss.
The All Share Index (ASI) fell by 1,041.14 points, representing a decrease of 1.96 per cent to close at 51,952.99 points. . Accordingly, investors lost N569 billion in value as market capitalisation declined to N28.300 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Lafarge Africa, UAC of Nigeria (UACN), Nigerian Breweries and Fidson Healthcare.
This week, United Capital Plc said: “we expect the bearish sentiments to continue in the market, supported by the illiquidity in the financial system. Subsequently, investors may favour the fixed-income market over the equities market.
“However, the low prices and valuations provide an opportunity for BUY-SIDE to re-enter the market and take positions ahead of the Q1, 2023 earnings season.”
Market breadth closed negative as four stocks gained relative to 28 decliners. Caverton Offshore Support Group recorded the highest price gain of 8.25 per cent to close at N1.05, while Nigerian Aviation Handling Company (NAHCO) followed with a gain 3.06 per cent to close at N10.10, per share.
Transnational Corporation (Transcorp) appreciated by 2.19 per cent to close at N1.40, while Sterling Financial Holdings Company gained 1.35 per cent to close at N1.50, per share. On the other hand, Airtel Africa led the losers’ chart by 10 per cent to close at N1,198.00, while Royal Exchange and Consolidated Hallmark Insurance followed with a decline of 9.09 per cent each to close at 60 kobo each, per share.
Multiverse Mining and Exploration shed 8.75 per cent to close at N2.40, while Neimeth International Pharmaceuticals shed 8.28 per cent to close at N1.33, per share.
Meanwhile the total volume of trades increased by 545.60 per cent to 1.723 billion units, valued at N4.790 billion, and exchanged in 4,286 deals.
Transactions in the shares of Transcorp topped the activity chart with 1.554 billion shares valued at N2.102 billion.
nith Bank followed with 44.457 million shares worth N1.134 billion, while United Bank for Africa (UBA) traded 20.984 million shares valued at N179.518 million.
Fidelity Bank traded 8.395 million shares valued at N44.552 million, while Royal Exchange transacted 6.434 million shares worth N3.879 million.
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