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Equities reverse gains as capitalisation dips by N5 billion

By Helen Oji
15 March 2022   |   2:49 am
Following losses suffered by many blue-chip stocks, the Nigerian equities market reversed gains to close on a downward note yesterday, as the market capitalised by N5 billion.

[FILES] Equities

Following losses suffered by many blue-chip stocks, the Nigerian equities market reversed gains to close on a downward note yesterday, as the market capitalised by N5 billion.

Yesterday, the All-Share Index decreased by 8.81 absolute points, representing a dip of 0.02 per cent to close at 47,428.67 points. Similarly, the market capitalisation lost N5 billion to close at N25.561 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Conoil, MTN Nigeria Communications (MTNN), Eterna, Nigerian Breweries and Guaranty Trust Holding Company.

Analysts at GTI Securities Limited said: “Trading activities on the equity market started the week bearish with profit-taking seen across three of the five major sectors.

“We expect the equities market to trade cautiously this week as investors digest present economic realities.”

Vetiva Dealing and Brokerage said: “Market stayed elevated on the back of large volume transactions, while banking names continue to dominate the activity chart. Barring any block transactions, we are likely to see a tepid session tomorrow amid recoveries in some of the major sectors that closed south today.”

Market sentiment, as measured by market breadth, was negative, as 22 stocks declined, while 19 others recorded price appreciation. R.T. Briscoe Nigeria recorded the highest price gain of 9.59 per cent to close at 80 kobo, per share. Ecobank Transnational Incorporated (ETI) followed with a gain of 7.27 per cent to close at N11.80, while AIICO Insurance appreciated by 6.52 per cent to close at 49 kobo.

Niger Insurance went up by 4.55 per cent to close at 23 kobo, while Mutual Benefits Assurance and Caverton Offshore Support Group appreciated by 3.85 per cent each to close at 27 kobo and N1.35 kobo respectively.

Caverton added 3.85 per cent to close at N1.35 kobo. NGX Group gained 3.21 per cent to close at N22.50 kobo. United capital added 3.19 per cent to close at N12.95 kobo. First City Monument Bank appreciated by 2.86 per cent to close at N3.60 kobo. TransNational Corporation also garnered 2.73 per cent to close at N1.13 kobo.

On the other hand, Eterna and Computer Warehouse Group (CWG) led the losers’ chart by 10 per cent each to close at N5.04 and 99 kobo respectively, while Royal Exchange followed with a decline of 9.92 per cent to close at N1.09 kobo.

Veritas Kapital Assurance lost 8.70 per cent to close at 21 kobo, while SCOA Nigeria shed 8.13 per cent to close at N2.60, per share. Cornerstone Insurance lost 8.11 per cent to close at 68 kobo. Conoil shed 4.38 per cent to close at N24. Jaiz Bank depreciated by 4.00 per cent to close at 72 kobo.

Lasaco declined by 3.67 per cent to close at N1.05 kobo. Redstar express also dropped 3.61 per cent to close at N3.20 kobo.

However, the total volume traded rose by 11.00 per cent to 1.289 billion shares, worth N7.919 billion, and traded in 4,735 deals. Transactions in the shares of FCMB Group topped the activity chart with 1.024 billion shares valued at N3.839 billion. Fidelity Bank followed with 38.138 million shares worth N108.874 million, while Zenith Bank traded 28.462 million shares valued at N768.124 million.

Transnational Corporation of Nigeria (Transcorp) traded 20.999 million shares valued at N23.791 million, while Guaranty Trust Holding Company (GTCO) transacted 17.017 million shares worth N455.384 million.