Weak Sentiment Pushes Equities Market Lower By 0.21%

The Nigerian equities market retreated as the NGX All-Share Index declined by 0.21 per cent.

The All Share Index (ASI) declined by 503.69 points, representing a loss of 0.21 per cent to close at 242,366.75 points. However, the market capitalisation gained N390 billion to close at N156.239 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Nigerian Exchange Group, HBM Nigeria, Nigerian Aviation Handling Company (NAHCO), Unilever Nigeria and International Breweries.

Looking ahead, Cowry Assets Management Limited stated that the market is expected to rebound on strategic portfolio rebalancing, though profit-taking on recently appreciated counters could slow down the recovery pace.

Investor sentiment stayed positive as 31 gainers outnumbered 19 losers. First HoldCo recorded the highest price gain of 9.98 per cent to close at N79.35 per share. Thomas Wyatt Nigeria followed with a gain of 9.29 per cent to close at N2.94, while Legend Internet rose by 8.99 per cent to close at N4.85 per share.

Tripple Gee & Company went up by 8.96 per cent to close at N3.89, while McNichols appreciated by 8.70 per cent to close at N5.00, per share.

On the other hand, Trans-Nationwide Express led the losers’ chart by 9.85 per cent, to close at N3.02, per share. International Breweries followed with a decline of 6.12 per cent to close at N13.05, while Haldane McCall declined by 5.95 per cent to close at N3.32, per share.

Daar Communications depreciated by 5.68 per cent to close at N1.66, while Nigerian Exchange Group declined by 4.38 per cent to close at N131.10, per share.

The total volume traded declined by 28.6 per cent to 453.17 million units, valued at N27.16 billion, and exchanged in 39,942.00 deals. Transactions in First HoldCo shares topped the activity chart, with 78.657 million shares valued at N6.192 billion. Sterling Financial Holdings Company followed with 30.042 million shares worth N439.157 million, while Zenith Bank traded 30.042 million shares valued at N3.269 billion.

Fidelity Bank traded 27.256 million shares valued at N563.943 million, while Stanbic IBTC Holding sold 22.776 million shares worth N3.785 billion.