Equities market relapses, declines by N391bn amid bearish sentiment

MOTOLANI OSENI

The equities market of the Nigerian stock exchange on Thursday relapsed its three days gaining streak, following the selloffs of Dangote Cement and 14 others as market declined by N391 billion to close at N21.751 trillion at the close of yesterday trading session.

The All-Share Index (ASI) declined by 749.94 absolute points, representing a decrease of 1.77 per cent, to close at 41,685.22 points.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Dangote Cement, UACN, Nigerian Exchange (NGXGroup), May & Baker Nigeria and Cadbury Nigeria.

Afrinvest Limited said that “In the final trading session, we expect an extension of today’s bearish performance, barring any positive driver.”

However, the market breadth closed positive, recording 22 gainers as against 15 losers.

Skyway Aviation Handling Company recorded the highest price gain of 9.66 per cent to close at N4.88, per share.

Oando followed with a gain of 8.83 per cent to close at N4.93 and Wapic Insurance went up 8.51 per cent to close at 51 kobo, per share.

Mutual Benefits Assurance up by 8.33 per cent to close at 26 kobo, while Consolidated Hallmark Insurance appreciated by 8.16 per cent to close at 53 kobo, per share.

On the other hand, Dangote Cement and UACN led the losers’ chart by 10 per cent each to close at N252.00 and N9.00, respectively, while NEIMETH International Pharmaceuticals followed with a decline of 6.86 per cent to close at N1.63, per share.

May & Baker Nigeria declined 6.46 per cent to close at N4.20, while Pharma Deko shed 5.21 per cent to close at N2.00, per share.

The total volume of trades declined by 27.1 per cent to 473.467 million units, valued at N5.176 billion, and exchanged in 3,874 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 228.534 million shares valued at N2.614 billion.

Access Bank followed with 45.623 million shares worth N421.864 million, while Sterling Bank traded 37.864 million shares valued at N56.837 million.

Unity Bank traded 26.462 million shares valued at N11.749 million, while Zenith Bank transacted 18.701 million shares worth N452.428 million.