Equities market declines by N64bn

The Nigerian equities market continued its bearish trend on Thursday, with the overall market capitalization dropping by N64 billion.

The All Share Index (ASI) fell by 113.46 points, representing a decrease of 0.12 per cent, to close at 95,718.05 points. Similarly, market capitalization declined by N64 billion, closing at N54.983 trillion.

The downturn was driven by losses in medium and large-cap stocks, including Transcorp Hotels, Stanbic IBTC Holdings, Eterna, BUA Foods, and Ikeja Hotels.

However, market breadth was positive, with 22 stocks gaining against 18 losers. Academy Press recorded the highest price gain of 10 per cent, closing at N2.75 per share. Oando followed with a gain of 9.99 percent to close at N43.50, while R.T. Briscoe Nigeria increased by 9.78 percent to close at N2.47 per share.

Industrial & Medical Gases Nigeria rose by 9.09 percent to close at N24.00, while Tantalizers appreciated by 8.77 per cent to close at 62 kobo per share.

On the other hand, Transcorp Hotels led the losers’ chart, falling by 10 percent to close at N90.00 per share. Chams followed with a decline of 9.72 per cent to close at N1.59, while Eterna dropped by 8.88 percent to close at N19.90 per share.

Ikeja Hotels decreased by 9.09 percent to close at N7.00, while Thomas Wyatt Nigeria declined by 8.33 per cent to close at N1.54 per share.

The total volume of shares traded increased by 9.17 percent, with 393.621 million units valued at N5.854 billion exchanged in 8,243 deals. Universal Insurance topped the activity chart with 68.194 million shares valued at N21.140 million. Chams Holding Company followed with 33.839 million shares worth N67.627 million, while Oando traded 29.847 million shares valued at N1.290 billion.

Transnational Corporation (Transcorp) traded 28.128 million shares worth N316.612 million, while Access Holdings sold 22.676 million shares valued at N430.547 million.