Equities market drops by N515bn to sustain downward trend

The equities market section of the Nigerian Exchange on Thursday sustained its bearish trajectory with market capitalization declined by N515 billion.

The Nigerian Exchange Limited All Share Index (NGX ASI) lost by 802.39 points or .41 per cent to close at 193,567.81 basis points. Also, market capitalisation shed N515 billion to close at N124.239 trillion.

Market breadth was bearish, with 38 declining stocks outpacing 30 advancing counters. FTN Cocoa Processors recorded the highest price gain of 10 per cent to close at N6.05, per share. R.T. Briscoe followed with a gain of 9.95 per cent to close at N11.38, while DEAP Capital Management & Trust up by 9.92 per cent to close at N6.98, per share.

Japaul Gold & Ventures rose by 9.91 per cent to close at N3.77, while Omatek Ventures and Ellah Lakes appreciated by 9.72 per cent each to close at N2.37 and N11.85 respectively, per share.

On the other hand, Jaiz Bank led the losers’ chart by 9.98 per cent to close at N12.63, while Ikeja Hotel and John Holts followed with a decline of 9.90 per cent each to close at N37.75 and N8.65 respectively, per share.

Nigerian Enamelware depreciated by 9.88 per cent to close at N36.50, while Cadbury Nigeria shed 9.69 per cent to close at N61.95, per share.

Also, the total volume traded depreciated by 36.01 per cent to 868.536 million units, valued at N31.485 billion, and exchanged in 69,310 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 78.944 million shares valued at N1.163 billion. Japaul Gold & Ventures followed with 73.254 million shares worth N274.781 million, while Access Holdings traded 66.914 million shares valued at N1.744 billion.

Chams Holding Company traded 56.890 million shares valued at N239.568 million, while Zenith Bank sold 45.494 million shares worth N4.059 billion.

On market outlook, Imperial Asset Managers Limited said, “we expect a cautious trading pattern to continue in next session on Friday. The large number of unchanged equities suggests that many market participants are adopting a wait-and-see approach at current elevated index levels, while profit-taking in heavy-weight Banking, Consumer Goods and Insurance tickers continues to dictate the broader market’s direction. We advise investors to tread carefully, selectively locking in profits while maintaining strategic positions in fundamentally sound, dividend-paying stocks.”