Equities Market Extends Losing Streak, Sheds N279bn as Key Stocks Decline

Samuel Mobolaji

The Nigerian equities market yesterday extended its losing streak, as price depreciation in Nestle Nigeria Plc and 28 others dragged the market lower by N279 billion.

The All-Share Index (ASI) declined by 490.93 per cent, representing a loss of 0.50 per cent, to close at 97,390.01 points. Similarly, the overall market capitalisation value shed N279 billion to close at N55.296 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are Nestle Nigeria, BUA Cement, Oando, Zenith Bank and United Bank for Africa (UBA).

As measured by market breadth, market sentiment was negative, as 26 stocks gained relative to 29 stocks that declined. MeCure Industries recorded the highest price gain of 9.98 per cent to close at N9.37, per share. Neimeth International Pharmaceuticals followed with a gain of 9.90 per cent to close at N2.11 and Champion Breweries up by 9.75 per cent to close at N3.04, per share.

University Press appreciated by 9.63 per cent to close at N2.39, while R.T. Briscoe Nigeria rose by 9.35 per cent to close at N1.52, per share.

On the other hand, Oando led the losers’ chart by 9.97 per cent to close at N40.20, per share. Livestock Feeds followed with a decline of 8.10 per cent to close at N2.27, while Cornerstone Insurance lost 7.66 per cent to close at N2.17, per share.

Linkage Assurance down by 7.61 per cent to close at 85 kobo, while Sovereign Trust Insurance declined by 7.41 per cent to close at 50 kobo, per share.

The total volume traded advanced by 20.26 per cent to 599.246 million units, valued at N13.916 billion, and exchanged in 11,237 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 71.998 million shares valued at N3.279 billion. Japaul Gold and Ventures followed with 69.621 million shares worth N156.880 million, while Access Holdings traded 66.302 million shares valued at N1.286 billion.

Veritas Kapital Assurance traded 60.848 million shares valued at N78.210 million, while Oando transacted 41.083 million shares worth N1.809 billion.