Equities Market Begins September Flat As ASI Down By 0.03%

Equities Market Begins September Flat As ASI Down By 0.03%

Trading on the Nigerian equities market began the month of September on a slightly negative note as the Nigerian Stock Exchange, All-Share Index (NSE-ASI) declined by 0.03 per cent, yesterday.

NSE-ASI shed 10.95 absolute points, representing a decline of 0.03 per cent to close at 34,837.50 points. Also, the market capitalisation declined by N4 billion to close at N12.718 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, Nigerian Breweries, Flour Mills Nigeria, Dangote Sugar and Oando.

Analysts at GTI said that “we encourage investors to trade cautiously in the short term amidst continued profit taking however, our positive view in the medium-to-long term is hinged on the strong macro-economic outlook for the country and the renewed interest in the Nigerian market by major economies.”

Market breadth closed with 18 gainers and 19 losers. Consolidated Hallmark Insurance recorded the highest price gain of 10 per cent, to close at 33 kobo, per share. Aiico Insurance followed with a gain of 9.76 per cent to close at 90 kobo, while Continental Reinsurance appreciated by 9.49 per cent to close at N1.50 per share.

NPF Microfinance Bank rose by 8.97 per cent to close at N1.58, while Wapic Insurance up by 8.33 per cent to close at 39 kobo, per share. On the other hand, Jaiz Bank led the losers’ chart by 10 per cent, to close at 45 kobo per share. Flour Mills Nigeria followed with a decline of 9.67 per cent to close at N21.95, while Transnational Corporation of Nigeria (Transcorp) depreciated by 7.94 per cent to close at N1.16, per share.

Prestige Assurance declined by 7.69 per cent to close at 48 kobo and Veritas Kapital Assurance shed 6.90 per cent to close at 27kobo per share. The total volume traded fell by 65.8 per cent to 131.53 million shares, worth N3.13 billion, and traded in 3,080 deals. Transactions in the shares of Nigerian Breweries topped the activity chart with 19.13 million shares valued at N1.82 billion.

Stanbic IBTC Holdings followed with 11.81 million shares worth N556.59 million, while Aiico Insurance traded 11.24 million shares valued at N10.1 million. United Bank for Africa (UBA) traded 10.75 million shares valued at N86.15 million, while NEM Insurance transacted 7.27 million shares worth N24.6 million.

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