Equities market declines 0.91% over investors profit-taking

The All-Share Index (ASI) decreased by 267.73 absolute points, representing a dip of 0.91 per cent to close at 29,110.90 points, Similarly, the overall market capitalisation size shed N138 billion to close at N14.995 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria, Guaranty Trust Bank, Unilever Nigeria, UAC of Nigeria (UACN) and BOC Gases Nigeria.

Analysts at Afrinvest Limited said that “Despite weak investor sentiment, we maintain our bullish outlook for the equities market in the near term.”

Market breadth closed negative, with 10 gainers versus 18 losers. Lasaco Assurance recorded the highest price gain of 7.69 per cent, to close at 28 kobo, per share. Aiico Insurance followed with a gain 6.33 per cent to close at 84 kobo, while Flour Mills of Nigeria appreciated by 5.67 per cent to close at N22.35, per share.

Oando went up by 2.75 per cent to close at N3.74, while Sterling Bank rose by 2.16 per cent to close at N1.89, per share. On the other hand, BOC Gases Nigeria led the losers’ chart by 9.09 per cent, to close at N4.50, per share. NEM Insurance followed with a decline of 8.33 per cent to close at N2.20, while AXA Mansard Insurance down by 6.10 per cent to close at N2.00, per share.

Wapic Insurance lost 5.41 per cent to close at 35 kobo, while UACN shed 5.21 per cent to close at N10, per share.

The total volume traded decreased by 3.26 per cent to 242.76 million shares, worth N4.59 billion, and traded in 3,556 deals. Transactions in the shares of Zenith Bank topped the activity chart with 46.57 million shares valued at N980.70 million. Unilever Nigeria followed with 25.01 million shares worth N375.32 million, while Guaranty Trust Bank traded 24.34 million shares valued at N740.24 million.

FCMB Group traded 21.08 million shares valued at N41.11 million, while United Bank for Africa (UBA) transacted 12.37 million shares worth N101.99 million.