Equity market declines with N200bn loss



Trading activities on the floor of the Nigerian stock market on Tuesday declined, making investors to lose N200 billion.

Specifically, the market capitalisation shed N200 billion or 0.35 per cent to close at N56.167 trillion, in contrast to N56.367 trillion recorded on Monday.

Also, the All-Share Index also dropped by 0.35 per cent or 354 points to close at 99,311.54, compared to 99,665.05 posted in the previous session.

Consequently, the Year-To-Date (YTD) return fell to 32.82 per cent.

The market breadth closed negative with 25 losers and 16 gainers.

Sell-offs in Tier-one banks such as: Zenith Bank, Guaranty Trust Holding Company(GTCO), Access Corporation, FBN Holdings, Wema Bank, as well as Royal Exchange, Africa Prudential, among others top decliners positioned the market in red.

On the losers’ table, Honeywell flour led by 35k to close at N3.19, FBN Holdings trailed by N2.40 to close at N21.90, while Oando Plc shed N1.10 to close at N10.10 per share.

FTN Cocoa depreciated by 14k to close at N1.35, Nestle Nigeria lost N80 to close at N820 per share.

On the other side, Sunu Assurances led the gainers’ table by 10k to close at N1.10, Japaul Gold Group followed by 18k to close at N2.01 per share.

CAP Plc gained N2.25 to close at N26.25, Omatek added 7k to close at 83k and Prestige Assurance rose by 5k to close at 60k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 47.95 per cent.

A total of 574.43 million shares valued at N7.84 bilion were exchanged in 7,324 deals, as against 306.62 million shares valued at N5.30 billion exchanged in 8,298 deals.

Transnational Corporation led the activity table in volume and value with 125.70 million shares traded in value of N1.89 billion.

UPDC Real Estate Investment Trust followed by 12.12 million shares worth N605.59 million, United Bank of Africa (UBA) sold 55.49 million shares valued at N1.28 billion.

Access Corporation traded 51.47 million shares valued at N833.25 million and Universal Insurance transacted 50.84 million shares worth N19.13 million.

Meanwhile, investors buy interest improved on the shares of FBN Holdings, as the Group sold 7.91 million shares valued at N175.69 million, compared to 2.11 million shares worth N49.52 million traded on Monday.

However, the stock price, which opened at N24.30, shed N2.40 to close at N21.90 per share.

FBN Holdings subsidiary, First Bank Nigeria had on Sunday appointed an acting Managing Director, Mr Olusegun Alebiosu with immediate effect and subject to the approval of the Central Bank of Nigeria(CBN).

The appointment followed the resignation of the bank’s former managing director, Dr Adesola Adeduntan, on Friday.(NAN)


The OPINION / COLUMN is authored by independent contributors to the National Accord Newspaper. While contributors adhere to our editorial guidelines, they are not employed by the National Accord Newspaper. The perspectives and opinions expressed herein are solely those of the author and do not represent the views of the National Accord Newspaper or its staff.

Be the first to comment

Leave a Reply

Your email address will not be published.