Equities market declares 1.18% losses over profits raking

Temitope Adebayo

The equities market of the Nigerian Stock Exchange (NSE) recorded a first loss in 2020, declining by 1.18 per cent, due to profit-taking by medium and large capitalised stocks.

For instance, the market All-Share Index (ASI) posted a decline of 350.43 points or 1.18 per cent to close at 29, 283.15 against 29,633.58 declared on the first trading of the week (Monday).

Also, the NSE capitalisation dropped N181 billion to close at N15.106 trillion compared with N15.287 trillion in the preceding trading session.

Although, the downturn was impacted by the losses recorded in medium and large capitalised stocks, among which are, Nigerian Breweries, MTN Nigeria, Dangote Cement, United Bank for Africa and Zenith Bank.

Tourist Company of Nigeria led the laggards’ table in percentage terms, dropping 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 dropped 9.56 per cent to close at N1.23 per share. Consolidated Hallmark Insurance lost 9.52 per cent to close at 38k, while Nigerian Breweries shed 8.83 per cent to close at N51.10 per share.

Conversely, Beta Glass led the gainers’ table in percentage terms, growing by 9.67 per cent to close at N59 per share. C & I Leasing came second with a gain of 8.89 per cent to close at N7.35, while Ekocorp rose by 7.22 per cent to close at N5.20, per share.

Forte Oil improved by 5.62 per cent to close at N17.85, while Cadbury Nigeria rose by 5.26 per cent to close at N10 per share. The total volume of shares traded increased by 91.47 per cent with an exchange of 666.78 million shares valued N6.52 billion exchanged in 5,711 deals in spite of the drop in market indices.

This was against a total of 348.24 million shares worth N8.55 billion transacted in 5,377 deals on Monday.

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 accounted for 69.72 million shares worth N1.51 billion, while UBA sold 38.79 million shares valued at N329.15 million.

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

Commenting, analysts at APT Securities and Funds Ltd., said, “We expect the uptrend to continue with correction days in between propelled by profit takers.”

“We anticipate a mixed performance in the interim due to profit-taking.” Market breadth closed negative with 13 gainers and 23 laggards”, analysts at Afrinvest Ltd. explained.