Home Business At 1.18% decline, equities market records first loss in 2020

At 1.18% decline, equities market records first loss in 2020

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The Nigerian Stock Exchange (NSE) equities market recorded its first trading loss in the year, as the All-Share Index shed 1.18 per cent, after 11 consecutive days of price appreciation by fundamental stocks on the bourse

The All-Share Index (ASI) shed 350.43 basis points, representing a decline of 1.18 per cent to close at 29,283.15 basis points on Tuesday from 29,633.58 basis points it closed on Monday. Similarly, the overall market capitalisation size lost N181 billion, to close at N15.106 trillion from N15.287 trillion reported on Monday,

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are, Nigerian Breweries, MTN Nigeria, Dangote Cement, United Bank for Africa (UBA) and Zenith Bank.

Analysts at APT Securities and Funds Limited said that “We expect the uptrend to continue with correction days in between propelled by profit takers.”

While analysts at Afrinvest Limited also said that “We anticipate a mixed performance in the interim due to profit-taking.”

Market breadth closed negative, recorded 13 gainers against 23 losers. Beta Glass led the gainers’ table by 9.67 per cent each, to close at N59, per share. CI Leasing followed with a gain of 8.89 per cent to close at N7.35, while Ekocorp Plc rose by 7.22 per cent to close at N5.20, per share.

Forte Oil gained by 5.62 per cent to close at N17.85, while Cadbury Nigeria rose by 5.26 per cent to close at N10.00, per share. On the other hand, the Tourist Company of Nigeria led the laggards’ table by 10 per cent to close at N3.15, per share. NEM Insurance trailed with a loss of 9.69 per cent, to close at N2.05, while NPF Micro Finance Bank shed 9.56 per cent, to close at N1.23, per share.

Consolidated Hallmark Insurance dipped by 9.52 per cent, to close at 38 kobo, while Nigerian Breweries went down by 8.83 per cent, to close at N51.10, per share.

However, the total volume traded increased by 91.47 per cent to 666.78 million shares, valued at N6.52 billion, and exchanged in 5,711 deals. Transactions in the shares of Union Diagnostic & Clinical Services topped the activity chart with 340.21 million shares valued at N71.44 million. Zenith Bank traded 69.72 million shares worth N1.51 billion and UBA transacted 38.79 million shares valued at N329.15 million.

Access Bank sold 37.33 million shares worth N393.94 million, while FBN Holdings traded 21.97 million shares valued at N157.61 million

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