Sell-off drag index by 0.13% as February trading commences
Following sell-off in 28 stocks, the Nigerian equities market resumed February trading on a bearish note as the All Share Index (ASI) declined by 0.13 per cent.
Yesterday, the ASI fell by 54.76 points, representing a decline of 0.13 per cent to close at 42,357.90 points. Accordingly, investors lost N29 billion in value as market capitalisation dropped to N22.158 trillion.
The downturn was impacted by losses recorded in medium and large value stocks, including Nestle Nigeria, Julius Berger, Flour Mills of Nigeria, Vitafoam Nigeria, and Access Bank.
Analysts at United Capital Plc predicted a bullish outlook for the market, noting that the direction of corporate releases would drive equity performance.
However, sentiment, as measured by market breadth, was positive, as 35 stocks gained, relative to 28 losers. Honeywell Flour Mill recorded the highest price gain of 10 per cent to close at N1.43 kobo
Champion Breweries followed with a gain 9.97 per cent to close at N3.42, while McNichols rose 9.80 per cent to close at 56 kobo, per share. Wapic Insurance advanced 9.26 per cent, to close at 59 kobo, and Jaiz Bank appreciated 9.23 per cent to close at 71 kobo.
On the other hand, Royal Exchange led the losers’ chart by 10 per cent to close at 36 kobo, per share. Guinea Insurance followed with a 9.09 per cent fall to close at 20 kobo, while African Alliance Insurance shed eight per cent to close at 23 kobo.
Julius Berger lost 7.28 per cent to close at N21.00, and Multiverse Mining and Exploration dipped 4.55 per cent to close at 21 kobo.
Also, the total volume traded declined by 12.4 per cent to 586.807 million shares worth N6.024 billion, traded in 7,611 deals.
Transactions in the shares of Union Bank of Nigeria (UBN) topped the activity chart with 79.586 million shares valued at N469.641 million. Transnational Corporation of Nigeria (Transcorp) followed with 61.758 million shares worth N64.676 million, while United Bank for Africa (UBA) traded 44.311 million shares at N406.716 million.
Access Bank traded 40.195 million shares valued at N371.69 million, and FBN Holdings (FBNH) transacted 37.513 million shares worth N282.351 million.
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