Nigerian Equities Market Declines by N183bn in a Bearish Trading Session

The local equities market yesterday reversed some of the gains from the previous session as the overall capitalization lost N183 billion on selloffs in Guinness Nigeria, PZ Cussons Nigeria Plc and 28 others.

The All-Share Index (ASI) lost 334.62 points, representing a decline of 0.33 per cent to close at 101,707.70 points. Also, market capitalisation declined by N183 billion to close at N55.653 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Guinness Nigeria, PZ Cussons Nigeria, Zenith Bank, Nigerian Breweries and United Bank for Africa (UBA).

As measured by market breadth, market sentiment was negative, as 24 stocks gained relative to 29 losers. Honeywell Flour Mills emerged the highest price gainer of 9.92 per cent to close at N4.32, per share. Juli followed with a gain of 9.90 per cent to close at N1.11, while Cornerstone Insurance rose by 9.88 per cent to close at N2.67 per share.

Associated Bus Company increased by 9.76 per cent to close at 90 kobo, while Veritas Kapital Assurance added 9.59 per cent to close at 80 kobo, per share. On the other side, PZ Cussons Nigeria led the losers’ chart with 9.87 per cent to close at N25.10, while Morison Industries followed with a decline of 9.84 per cent to close at N2.75, per share.

eTranzact International and CWG lost 9.70 per cent each to close at N6.05 each, while Sovereign Trust Insurance shed 9.62 per cent to close at 47 kobo, per share.

The total volume traded rose by 8.56 per cent to 263.192 million units, valued at N4.301 billion, and exchanged in 8,614 deals.

Transactions in the shares of Veritas Kapital Assurance led the activity with 49.075 million shares worth N39.009 million. UBA followed with an account of 24.342 million shares valued at N587.502 million, while Fidelity Bank traded 20.075 million shares valued at N217.331 million.

Transnational Corporations (Transcorp) traded 17.916 million shares worth N235.277 million, while Zenith Bank traded 16.018 million shares worth N578.151 million.