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Market reverses gaining streak, as index slips by 0.16%


Following losses suffered by most blue-chip stocks, the Nigerian equities market reversed gaining streak to close on a downward note yesterday, causing the All-Share Index (ASI) to depreciate by 0.16 per cent.
The All-Share Index (ASI) decreased by 39.48 absolute points, or 0.16 per cent to close at 24,933.41 points. Similarly, the overall market capitalisation shed N20 billion to close at N13.007 trillion.
The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Nigerian Breweries, Fidson Healthcare, Neimeth International Pharmaceuticals, NPF Microfinance Bank and Jaiz Bank.

Analysts argued that the stock market would remain highly volatile in the interim, as the realities of COVID-19 remain prevalent, with Afrinvest Limited saying: “We expect the market to close the week in the negative as investor sentiment remains weak.”
The market breadth closed negative, recording nine gainers against 10 losers. C & I Leasing recorded the highest price gain of 9.52 per cent to close at N4.60 per share.
Aiico Insurance followed with 8.99 per cent to close at 97 kobo, while Mutual Benefits Assurance edged up 4.76 per cent to close at 22 kobo, per share.
Oando rose 4.08 per cent to close at N2.55, and May & Baker Nigeria gained 1.35 per cent to close at N3.00, per share.
On the other hand, Fidson healthcare led the losers’ chart by 9.71 per cent to close at N3.07 per share.
Neimeth International Pharmaceuticals followed with 9.52 per cent to close at N1.71, and Nigerian Breweries shed 9.52 per cent to close at N38.00, per share.
Jaiz Bank dropped 8.96 per cent to close at 61 kobo, while NPF Microfinance Bank shed 7.28 per cent to close at N1.40, per share.

Also, the total volume of trade fell 35.63 per cent to 171.208 million units valued at N2.211 billion, exchanged in 3,315 deals.    
Transactions in the shares of FCMB Group topped the activity chart with 32.361 million shares at N55.665 million. Guaranty Trust Bank followed with 29.397 million shares worth N707.907 million.
FBN Holdings (FBNH) traded 10.731 million shares valued at N54.444 million. United Bank for Africa (UBA) traded 9.859 million shares valued at N63.006 million, and Access Bank transacted 9.174 million shares worth N62.420 million.


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