Equities market depreciates by N128bn

After days of consecutive bullish sessions, the equities market of the Nigerian Exchange Limited (NGX) yesterday depreciated by N128billion as bearish proceedings dominated the trading session.

The All Share Index (ASI) decreased by 234.60 basis points or 0.52 per cent to close at 44,625.18 points. Similarly, market capitalisation lost N128 billion to close at N24.306 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Geregu Power, Pharma-Deko, Guaranty Trust Holding Company (GTCO) and Africa Prudential.

However, market breadth closed positive, with 12 gainers versus nine losers.

Regency Alliance Insurance recorded the highest price gain of 8.70 per cent to close at 25 kobo per share. Sovereign Trust Insurance  followed with a gain of 8.00 per cent to close at 27 kobo, while Japaul Gold & Ventures rose 7.41 per cent to close at 29 kobo per share.

Cornerstone Insurance went up by 4.17 per cent to close at 50 kobo, while UAC of Nigeria (UACN) appreciated by 4.07 per cent to close at N8.95 per share.

On the other hand, Pharma-Deko led the losers’ chart by 9.76 per cent to close at N1.85 per share. Linkage Assurance followed with a decline of 9.30 per cent each to close at 39 kobo, while Wapic Insurance lost 8.33 per cent to close at 33 kobo per share.

Associated Bus Company lost 7.41 per cent to close at 25 kobo, while AIICO Insurance shed 3.45 per cent to close at 56 kobo per share.

The total volume traded rose by 61.4 per cent to 150.973 million units, valued at N1.554 billion, and exchanged in 2,998 deals.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 47.846 million shares valued at N13.406 million. Pharma-Deko followed with 22.637 million shares worth N41.878 million, while Transnational Corporation of Nigeria (Transcorp) traded 8.978 million shares valued at N9.589 million.

Fidelity Bank traded 7.859 million shares valued at N30.050 million, while Access Holdings transacted 7.004 million shares worth N54.182 million.

On Stock market outlook, GTI Securities Limited said “we expect mixed sentiments to persist, as pre-election risks amplifies and investors anticipate the release of companies third quarter (Q3) results.”