Equities extend losing streak as indices plunge further by N9bn
Yesterday. the All-Share Index (ASI) decreased by 17.57 absolute points, representing a dip of 0.07 per cent to close at 25,532.74 points. Similarly, the overall market capitalisation size shed N9 billion to close at N13.344 trillion.
The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Dangote Sugar Refinery, Custodian Investment, Caverton Offshore Support Group, Ecobank Transnational Incorporated (ETI), and Oando.
Capital market analysts attributed the decline to price adjustments for interim dividend declared by Access Bank, United Bank for Africa (UBA), Guaranty Trust Bank, and Stanbic IBTC Holdings, as Zenith Bank price was marked down for the interim dividend declared by its director.
They also noted that profit-taking in insurance and manufacturing equities further depressed the key performance index for the third consecutive day.
Analysts at Afrinvest Limited said: “Given the sustained bearish sentiment, we expect the equities market to close the week in the red.”
However, market sentiments as measured by the market breadth, was positive, as 17 stocks gained relative to 11 losers.
International Breweries recorded the highest price gain of 10 per cent, to close at N3.30, while Wapic Insurance followed with a gain 9.09 per cent to close at 36 kobo, per share.
NPF Microfinance Bank went up by 8.33 per cent to close at N1.30, while Academy Press and Royal Exchange appreciated by 7.41 per cent each, to close at 29 kobo each, per share.
On the other hand, Tripple Gee and Company led the losers’ chart by 9.09 per cent, to close at 40 kobo, per share. Caverton Offshore Support Group followed with a decline of 8.60 per cent to close at N1.70 per share.
Dangote Sugar Refinery lost 5.88 per cent to close at N11.20, per share.
Custodian Investment lost 5.21 per cent to close at N4.55, while Livestock Feeds shed 4.92 per cent to close at 58 kobo, per share.
The total volume traded rose by 9.15 per cent to 231.202 million shares, worth N2.095 billion, and traded in 3,360 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 33.534 million shares valued at N165.364 million.
Access Bank followed with 30.402 million shares worth N200.046 million, while Zenith Bank traded 25.075 million shares valued at N418.011 million.
FCMB Groups traded 20.554 million shares valued at N42.135 million, while Guaranty Trust Bank transacted 20.286 million shares worth N506.255 million.
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