Equities market sustains downtrend with 0.62% loss
The Nigerian Stock Exchange (SE) market Thursday extended losing streak to five consecutive trading sessions, as sell pressure persists with a loss of 0.62 per cent.
The All-Share Index (ASI) decreased by 166.14 absolute points, representing a dip of 0.62 per cent to close at 26,808.24 points. Similarly, the overall market capitalisation size shed N86 billion, to close at N13.966 trillion.
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The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Holdings, Flour Mills of Nigeria, Nigerian Breweries, Guaranty Trust Bank and UAC of Nigeria (UACN).
On sector performance, losses in the Banking (-1.38 per cent), Consumer Goods (-0.89 per cent), and Oil & Gas (-0.56 per cent) indices masked the gain recorded in the insurance (+0.92 per cent) index; the Industrial Goods closed flat.
Following market negative performance, analysts at Afrinvest Limited expected the equities market to close the week in the red.
Consequently, the market breadth closed negative, with 13 gainers against 19 losers. Jaiz Bank recorded the highest price gain of 9.43 per cent, to close at 58 kobo, per share. Law Union and Rock Insurance followed with a gain 7.95 per cent to close at 95 kobo, while Nigerian Aviation Handling Company (NAHCO) appreciated by 7.04 per cent to close at N2.89, per share.
May and Baker Nigeria went up by 4.81 per cent to close at N1.96, while aiico Insurance appreciated by 3.66 per cent to close at 85 kobo, per share.
On the other hands, Flour Mills of Nigeria led the losers’ chart by 8.70 per cent, to close at N21, per share. Consolidated Hallmark Insurance followed with a decline of 6.90 per cent to close at 27 kobo, while Micro Finance Bank went down by 6.25 to close at N1.05, per share.
Stanbic IBTC holdings lost 6.23 per cent to close at N36.10, while Oando shed 5.66 per cent to close at N3.00, per share.
The total volume traded rose by 1.4 per cent to 231.53 million shares, worth N4.48 billion, and traded in 3,606 deals. Transactions in the shares of Zenith Bank topped the activity chart with 45.57 million shares valued at N868.09 billion. Nigerian breweries followed with 39.498 million shares worth N1.78 billion, while Guaranty Trust Bank traded 35.62 million shares valued at N949.08 million.
United Bank for Africa (UBA) traded 25.50 million shares valued at N177.20 million, while FBN Holdings transacted 18.61 million shares worth N99.21 million.
