Equities market sustains losses as benchmark index dips 0.22%

Following profit-taking on high capitalised stocks, the equities market of the Nigerian Stocks Exchange (NSE) on Wednesday sustained its bearish performance, as the benchmark index, All-Share Index (ASI) decreased by 58.72 absolute points, representing a dip of 0.22 per cent to close at 26,974.38 points.

Also, the overall market capitalisation size declined by N31 billion to close at N14.052 trillion

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria, Vitafoam Nigeria, Red Star Express, Ecobank Transnational Incorporated (ETI) and University Press.

Analysts at Afrinvest Limited stated that “We anticipate a bearish outing tomorrow, despite opportunities for bargain hunting and dividend gain.”

Also, analysts at Imperial Asset Manager Limited expected market to maintain a prevailing trend in the next session amid safety precaution.

Market breadth closed negative, with 11 gainers versus 16 losers. Honeywell Flour Mill recorded the highest price gain of 9.38 per cent, to close at N1.05, per share. FCMB Groups followed with a gain 6.29 per cent to close at N1.86, while EkoCorp Plc rose by 5.77 per cent to close N5.50, per share.

United Bank for Africa (UBA) went up by 4.38 per cent to close at N7.15, while Lasaco Assurance rose by 4.17 per cent to close at 25 kobo, per share. On the other hand, Red Star Express and Vitafoam Nigeria led the losers’ chart by 9.98 per cent each, to close at N3.61 and N4.06, while University Press followed with a decline of 9.60 per cent to close at N1.13, per share.

Consolidated Hallmark Insurance went down by 9.38 to close at 29 kobo, while Jaiz Bank shed 8.62 per cent to close at 53 kobo, per share.

The total volume of trades decreased by 5.52 per cent to 228.38 million units, valued at N2.74 billion and exchanged in 3,831 deals. Transactions in the shares of UBA topped the activity chart with 81.12 million shares valued at N548.899 million. Zenith Bank followed with 31.009 million shares worth N590.32 million, while Access Bank traded 22.34 million shares valued at N201.05 million.

Transnational Corporation of Nigeria (Transcorp) traded 12.46 million shares valued at N11.24 million, while United Capital transacted 11.45 million shares worth N37.92 million.

Meanwhile, Dangote Cement Plc released its full year results for the year ended December 31, 2019, audited results yesterday with a proposed divided of N16.00 per share, translating to a dividend yield of 9.41 per cent as the Company closed trading at N170, per share.