Downturn In Aradel Holdings, Dangote Sugar Refinery, Others Trigger N197bn Equities Loss
Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo
The overall downturn in medium and large capitalised stocks, amongst which are; Aradel Holdings, UACN, International Breweries, NEM Insurance and Dangote Sugar Refinery dragged equities market to a N197 billion loss on Monday.
Hence, the Nigerian stock market opened trading in the month of December on a negative note.
TThe overall downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Aradel Holdings, UACN, International Breweries, NEM Insurance and Dangote Sugar Refinery.
On market outlook, Imperial Asset Managers Limited said, “we expect the market to remain cautious in the near term, influenced by continued profit-taking, weak risk appetite, and rotational positioning across key sectors.
“Bargain hunting may surface in oversold counters; however, overall sentiment is likely to stay mixed-to negative unless supported by improved liquidity or corporate announcements.”
Market sentiment closed on a negative note, as market breadth recorded 19 gainers as against 26 losers. NCR Nigeria recorded the highest price gain of 9.97 per cent to close at N60.10, per share. Sunu Assurance followed with a gain of 9.18 per cent to close at N4.28, while Champion Breweries grew by 8.11 per cent to close at N14.00, per share.
MeCure Industries up by 7.58 per cent to close at N29.80, while Guinea Insurance rose by 7.27 per cent to close at N1.18, per share.
On the other hand, International Breweries led the losers’ chart by 10 per cent to close at N10.35, per share. R.T. Briscoe (Nigeria) followed with a decline of 9.88 per cent to close at 3.10, while Cornerstone Insurance dropped by 7.83 per cent to close at N5.53, per share.
DAAR Communications depreciated by 6.52 per cent to close 86 kobo, while Regency Alliance Insurance declined by 4.81 per cent to close at 99 kobo, per share.
Also, the total volume traded declined by 19.74 per cent to 1.466 billion units, valued at N18.666 billion, and exchanged in 28,956 deals. Transactions in the shares of Cornerstone Insurance topped the activity chart with 908.817 million shares valued at N4.590 billion. Wema Bank followed with 113.254 million shares worth N2.072 billion, while Access Holdings traded 93.915 million shares valued at N1.973 billion.
Fidelity Bank traded 59.874 million shares valued at N1.139 billion, while Zenith Bank sold 25.019 million shares worth N1.502 billion.
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