Equities Market Relapses, Sheds N267bn

Samuel Mobolaji

Sentiments in the domestic stock market yesterday turned negative, as profit-taking activities witnessed in Okomu Oil Plc and 25 others caused a N267 billion decline in the overall market capitalization.

The All-Share Index declined by 463.86 per cent, representing a loss of 0.47 per cent, to close at 98,523.56 points. Similarly, the overall market capitalisation value lost N267 billion to close at N56.615 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are Okomu Oil, MTN Nigeria Communiactions (MTNN), Beta Glass Company, Oando and Cadbury Nigeria.

As measured by market breadth, market sentiment remained positive, as 29 stocks gained relative to 26 decliners. FTN Cocoa Processors recorded the highest price gain of 9.82 per cent to close at N1.79, per share. Ellah Lakes followed with a gain of 9.80 per cent to close at N4.48, while Deap Capital Management and Trust up by 9.78 per cent to close at N1.01, per share.

Regency Alliance Insurance appreciated by 8.62 per cent to close at 63 kobo, while R.T. Briscoe Nigeria rose by 8.11 per cent to close at N3.20, per share.

On the other hand, Caverton Offshore Support Group led the losers’ chart by 9.73 per cent to close at N2.97, per share. Cadbury Nigeria followed with a decline of 9.39 per cent to close at N17.85, while ABC Transport lost 8.73 per cent to close at N1.15, per share.

McNichols lost 7.89 per cent to close at N1.75, while Okomu Oil depreciated by 7.63 per cent to close at N363.00, per share.

The total volume traded declined by 42.9 per cent to 344.356 million units, valued at N6.609 billion, and exchanged in 9,005 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 29.183 million shares valued at N756.092 million. Access Holdings followed with 26.989 million shares worth N526.116 million, while Honeywell Flour Mills traded 25.501 million shares valued at N122.981 million.

Sterling Financial Holdings Company traded 25.299 million shares valued at N123.986 million, while Zenith Bank transacted 14.809 million shares worth N559.351 million.