Equities Market Begins Week Bearish, Slips By 1.53%

Equities Market Begins Week Bearish, Slips By 1.53%

LAGOS – Nigerian equities market on Monday commenced the trading week on a bearish note, with a decline of 1.53 per cent.

The All Share Index (ASI) shed 454.14 basis points, representing a dip of 1.53 per cent to close at 30,226.77 points. Similarly, the market capitalisation shed N170 billion to close at N10.954 trillion.

The performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Dangote Cement, Stanbic IBTC Holdings, Guinness Nigeria, Guaranty Trust Bank and Union Bank of Nigeria (UBN).

Anaysts at Afrinvest Limited noted that “Despite the overall negative performance last week, we observed increased buying activity on bellwether stocks, and we expect this trend to be sustained this week as investors seek to take position in attractively priced stocks. However, in the absence of major triggers that could drive positive sentiments, we maintain a bearish near-term outlook.”

Market breadth remained negative with 13 gainers against 30 losers. Mutual Benefit Assurance recorded the highest price gain of 10 per cent, to close at 22 kobo, per share. Neimeth International Pharmaceuticals followed with a gain of 9.80 per cent, to close at 56 kobo, while Learn Africa rose by 8.94 per cent to close at N1.34, per share.

Chams appreciated by 8.33 per cent to close at 26 kobo, while Eterna went up by 6.25 per cent to close at N4.25, per share. On the other hand, Fidson Healthcare led the losers’ chart by 10 per cent, to close at N4.05, per share. Tripple Gee and Company followed with a decline 9.09 per cent to close at 70 kobo, while NPF Microfinance Bank declined by 8.72 per cent to close at N1.36, per share.

Consolidated Hallmark Insurance declined by 7.41 per cent to close at 25 kobo, while McNichols down by 7.35 per cent, to close at 63 kobo, per share.

However, total volume traded went up by 13.63 per cent to 455.88 billion units, valued at N5.26 billion, and exchanged in 3,993 deals. Sterling Bank traded with 93.42 million shares valued at N242.19 million. Guaranty Trust Bank followed with 78.33 million shares worth N2.66 billion, while Tripple Gee and Company traded 60 million shares valued at N42 million.

Zenith Bank traded 26.64 million shares valued at N540.69 million, while Access Bank transacted 24.89 million shares worth N140.1 million.

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