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Negative sentiments persist as index plummets further by 0.09% 

By Helen Oji
25 December 2019   |   4:14 am
Following selloffs in the shares of some bellwethers, the Nigerian equities market sustained negative sentiments on Christmas Eve, as the All-share index shed 0.09 per cent.

Following selloffs in the shares of some bellwethers, the Nigerian equities market sustained negative sentiments on Christmas Eve, as the All-share index shed 0.09 per cent.

Yesterday, the All-Share Index (ASI), fell by 24.92 absolute points, representing a decline of 0.09 per cent to close at 26,090.88 points.

Similarly, the overall market capitalisation size lost N11 billion to close at N12.596 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; Stanbic IBTC Holdings, Dangote Sugar Refinery, Guaranty Trust Bank, UAC of Nigeria (UACN), and Zenith Bank.

Analysts at Afrinvest Limited, said: “We expect bearish momentum to persist as investors continue to take a risk-off approach towards the equities market.”

Market breadth closed negative, with 10 gainers versus 12 losers. UPDC Real Estate Investment Trust (UPDCREIT) recorded the highest price gain of 9.72 per cent to close at N3.95 per share.

Unilever Nigeria followed with 9.65 per cent to close at N22.15, while Sterling Bank appreciated by 7.89 per cent to close at N2.05, per share.

Cadbury Nigeria rose 6.77 per cent to close at N10.25, while Ecobank Transnational Incorporated (ETI) gained five per cent, to close at N6.30, per share.

On the other hand, Law Union and Rock Insurance led the losers’ chart with 9.09 per cent to close at 50 kobo, per share.

Wapic Insurance followed with a decline of 8.33 per cent to close at 33 kobo, while Dangote Sugar Refinery fell 5.54 per cent to close at N13.65, per share.

FCMB Group lost 4.76 per cent to close at N1.80, and Jaiz Bank 4.29 per cent to close at 67 kobo, per share.

However, the total volume traded surged 71.8 per cent to 324.40 million shares worth N1.66 billion, traded in 1,993 deals.     Transactions in the shares of Law Union and Rock Insurance topped the activity chart with 146.27 million shares valued at N73.13 million.

Access Bank followed with 40.57 million shares worth N402.26 million, while Zenith Bank traded 32.16 million shares valued at N586.38 million.

Transnational Corporation of Nigeria (Transcorp) traded 26.999 million shares at N24.524 million, while FBN Holdings transacted 21.19 million shares worth N127.13 million.

Meanwhile, the federal government has declared Wednesday 25th and Thursday 26th, December, as Public Holidays to mark this year’s Christmas and Boxing Day celebrations.​

With the development, all exchange’s facilities nationwide will be closed for business to observe the holidays, and will be open for business on Friday, December​ 27.