Capitalisation dips by N19 billion, amid losses in 29 stocks

The Nigerian equities market, yesterday, reversed previous gains, as market capitalisation shed N19 billion, amid price depreciation in Aradel Holdings Plc and 28 stocks.

Besides, a total of 756.664 million units of FBN Holdings (FBNH) Plc shares were executed as off-market trade at N24 in one deal. The trade was a negotiated cross deal with FBN Quest Securities Limited as both buyer and seller.

At the close of transactions, the all-share index (ASI) lost 31.3 points, representing a decline of 0.03 per cent to close at 97,702.56 points.

BAlso, market capitalisation declined by N19 billion to close at N59.226 trillion.

On market outlook, analysts at Afrinvest said: Investor sentiment, as measured by market breadth, weakened to 0.09x (previously 0.17x) as 29 stocks advanced, 23 declined. In the next trading session, we anticipate cautious trading as investors look to adjust their portfolios against potential liquidity shifts.”

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, John Holt, UACN, Ellah Lakes and Thomas Wyatt Nigeria.

As measured by market breadth, market sentiment was positive, as 29 stocks gained relative to 23 declined. Multiverse Mining and Exploration emerged the highest price gainer of 9.91 per cent to close at N8.54 kobo.

Beta Glass and Golden Guinea Breweries followed with a gain of 10 per cent each to close at N53.90 kobo and N4.07 kobo respectively, while Lafarge Africa rose by 9.95 per cent to close at N70.15 kobo.

Honeywell Flour Mills was up by 9.89 per cent to close at N4.89 kobo, while SUNU Assurance also appreciated by 9.88 per cent to close at N4.67 kobo.

On the other hand, Sovereign Trust Insurance led the losers’ chart with 10 per cent to close at 72 kobo. John Holt followed with a decline of 9.98 per cent to close at N8.03 kobo while Ellah Lakes shed 9.92 per cent to close at N3.18 kobo.

Thomas Wyatt Nigeria depreciated by 9.42 per cent to close at N1.73 kobo while Aradel Holdings was also down by 8.72 per cent to close at N471.90 kobo.

The total volume traded increased by 156.3 per cent to 1.156 billion units, valued at N27.364 billion, and exchanged in 9,402 deals. Transactions in the shares of FBN Holdings (FBNH) led the activity with 779.623 million shares worth N18.768 billion.

AXA Mansard Insurance followed with account of 32.536 million shares valued at N242.84 million, while United Bank for Africa (UBA) traded 31.101 million shares valued at N1.048 billion.

Access Holdings traded 27.896 million shares worth N670.871 million, while Ellah Lakes traded 23.029 million shares worth N76.498 million.