Nigeria equities lose N63bn amid sell pressure

Trading on the nation’s bourse returned to negative territory on Tuesday with crucial market indices dropping by 0.46 percent following loses in 20 stocks.

Specifically, the All-Share Index (ASI) decreased by 129.79 points, representing a loss of 0.46 percent to close at 27,820.57 against 27,950.36 posted on Monday.

Also, the market capitalization, which opened at N13.621 trillion, lost N64 billion to close at N13.558 trillion.

The downtrend was impacted by losses recorded in large and medium capitalized stocks, amongst which are: Nestle Nigeria, Nigerian Breweries, Dangote Flour Mills, Guaranty Trust Bank and United Bank for Africa (UBA).

Cordros Capital Limited re-emphasized its outlook for equities in the short to medium term remains conservative, in the absence of any catalyst to drive positive market returns.

Market breadth closed negative, with 11 gainers against 20 laggards.

Japaul Oil & Maritime Services led the losers’ chart by 8.70 percent to close at 21k per share.

Nigerian Breweries followed with a decline of 8.33 percent to close at N55, while Lasaco Assurance shed 8.11 percent to close at 34k per share.

Wema Bank lost 3.23 percent to close at 60k, while Transcorp declined by 3.03 percent to close at 96k per share.

Conversely, Mutual Benefits Assurance recorded the highest price gain of 10 percent, to close at 22k per share.

Ikeja Hotels followed with a gain of 8.96 per cent to close at N1.46, while Unity Bank appreciated by 8.62 percent to close at 63k per share.

Vitafoam Nigeria went up by 5.13 percent to close at N4.30, while Julius Berger appreciated by 3.59 percent to close at N18.75 per share.

However, the volume of shares traded rose by 66.7 percent to 155.21 million shares, worth N2.23 billion and traded in 3,192 deals.

This was in contrast with a total of 93.11 million shares valued at N1.11 billion shares accounted for 3,056 deals on Monday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with a turnover of 22.27 million shares valued at N640.11 million.

UBA followed with 21.23 million shares worth N123.79 million, while Zenith Bank traded 14.97 million shares valued at N276.29 million.

FBN Holdings traded 12.05 million shares valued at N67.53 million, while African Alliance Insurance transacted 10 million shares worth N2 million.

From NAN

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