Market reverses previous gains as index plunges by N74 billion
Following sell pressure in some bellwethers, the equities market reversed previous gains at the end of yesterday’s transactions, causing market capitalisation to depreciate by N74 billion.
Specifically, at the close of transactions Tuesday, the All Share Index (ASI) fell by 152.45 absolute points, representing a dip of 0.56 per cent to close at 26,883.33 points. Similarly, market capitalisation lost N74 billion to close at N12.975 trillion.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; MTN Nigeria, Unilever Nigeria, Access Bank, Dangote Cement, and United Bank for Africa (UBA).
Analysts at Afrinvest Limited, said: “Despite yesterday’s loss, we expect investors to take positions in fundamentally sound stocks, paving ways for price appreciation in the local bourse.”
Market breadth closed at par, with 17 gainers and losers. Regency Alliance Insurance and Sovereign Trust Insurance recorded the highest price gain of 10 per cent, each, to close at 22 kobo, each, per share.
Neimeth International Pharmaceuticals followed with 9.84 per cent to close at 67 kobo, while Jaiz Bank appreciated by 8.70 per cent to close at 75 kobo, per share.
Lasaco Assurance edged eight per cent to close at 27 kobo, and Chams lost 7.69 per cent to close at 42 kobo, per share.
On the other hand, Aiico Insurance led the losers’ chart with 9.09 per cent to close at 70 kobo per share. Unilever Nigeria followed with 6.59 per cent to close at N16.30, while Transnational Corporation of Nigeria (Transcorp) fell 6.42 per cent to close at N1.02, per share.
Access Bank lost 5.10 per cent to close at N9.30, and NEM Insurance 4.76 per cent to close at N2.00, per share.
The total volume traded fell by 9.0 per cent to 209.97 million shares worth N3.10 billion, traded in 4,081 deals.
Transactions in the shares of United Capital topped the activity chart with 24.81 million shares valued at N60.35 million. Zenith Bank followed with 24.11 million shares worth N446.97 million, while Dangote Sugar Refinery traded 18.89 million shares at N272.68 million.
Guaranty Trust Bank traded 17.81 million shares worth N530.09 million, while FBN Holdings transacted 14.55 million shares at N101.09 million.
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