Equities market drops by N1.01trn on sell off in HBM Nigeria, 44 others
Losses in HBM Nigeria Plc and 44 others pulled the Nigerian equities market dropped by N1.01 trillion, extending the negative reaction to two trading consecutive sessions.
The All-Share Index declined by 1,617.91 per cent, representing a loss of 0.66 per cent, to close at 245,362.26 points. Similarly, the overall market capitalisation value lost N1.01 trillion to close at N 158.340 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; HBM Nigeria, Nigerian Exchange Group, NASCON Allied Industries, First Holdco and Zenith Bank.
Investor sentiment was negative as 45 decliners outpaced 17 advancers. Legend Internet recorded the highest price gain of 8.64 per cent to close at N4.40, per share. Daar Communications followed with a gain of 7.32 per cent to close at N1.76, while Sterling Financial Holdings Company up by 6.67 per cent to close at N8.00, per share.
Sovereign Trust Insurance appreciated by 5.73 per cent to close at N2.03, while Royal Exchange rose by 4.69 per cent to close at N1.34, per share.
On the other hand, Tripple Gee & Company led the losers’ chart by 10 per cent to close at N2.88, per share. Lasaco Assurance followed with a decline of 9.92 per cent to close at N2.18, while C&I Leasing depreciated by 9.84 per cent to close at N5.50, per share.
Mutual Benefits Assurance lost 9.80 per cent to close at N3.22, while Trans-Nationwide Express depreciated by 9.03 per cent to close at N2.82, per share.
Notably, the total volume traded advanced by 177.0 per cent to 2.10 billion units, valued at N230.83 billion, and exchanged in 48,231 deals. First Holdco was the most traded stock by volume and value at 1.57 billion units and N196.20 billion, respectively. Access Holdings followed with 37.400 million shares worth N998.513 million, while Sterling Financial Holdings Company traded 36.007 million shares valued at N286.804 million.
Ellah Lakes traded 34.746 million shares valued at N297.834 million, while Zenith Bank transacted 33.098 million shares worth N4.030 billion.
