The trading week yesterday commenced on a subdued note as the local bourse recorded a N112 billion loss.
The All Share Index (ASI) shed 69.34 points, representing a decrease of 0.07 per cent to close at 98,132.15 points. Also, market capitalisation declined by N112 billion to close at N55.717 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: NASCON Allied Industries, Zenith Bank, United Capital, FBNH Holdings (FBNH) and Nigerian Breweries.
Looking forward, United Capital Plc said “the equities market is expected to show mixed performance as investors adopt opportunistic investment strategies. We foresee selective buying of fundamentally strong stocks continuing into the upcoming week.
“Market activity is anticipated to rise due to ongoing banks’ recapitalization efforts, Q2 filings, and anticipated corporate actions
ly, elevated interest rates in the fixed income market are likely to exert a negative influence on equities as investors capitalise on higher fixed income yields.
“Overall, fund managers and investors are advised to maintain an opportunistic approach to capitalise on prevailing market opportunities.”
Meanwhile, market breadth closed positive as 22 stocks gained relative to 21 losers. Africa Prudential recorded the highest price gain of 10 per cent to close at N10.45, per share. Cutix followed with a gain of 9.90 per cent to close at N5.66, while Eterna rose by 9.88 per cent to close at N17.80, per share.
Oando appreciated by 9.83 per cent to close at N22.35, while Custodian Investment went up by 9.80 per cent to close at N11.20, per share. On the other hand, Caverton Offshore Support Group led the losers’ chart by 10 per cent to close at N1.35, per share. WAPIC Insurance followed with a decline of 9.30 per cent to close at 78 Kobo, while ABC Transport dipped by 9.09 per cent to close at 70 kobo, per share.
NEIMETH International Pharmaceuticals depreciated by 7.65 per cent to close at N1.81, while NASCON declined by 4.85 per cent to close at N32.35, per share.
The total volume traded declined by 65.64 per cent to 379.133 million units, valued at N8.707 billion, and exchanged in 10,096 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 69.055 million shares valued at N1.456 billion. FBN Holdings (FBNH) followed with 24.941 million shares worth N512.401 million, while Access Holdings traded 23.890 million shares valued at N441.431 million.
Universal Insurance traded 22.193 million shares valued at N7.030 million, while Guaranty Trust Holding Company (GTCO) sold 20.991 million shares worth N924.894 million.
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