Equities market drops by N623bn on profit-taking in Lafarge Africa, 47others

The Nigerian stock market on Tuesday sustained bearish trend by N623 billion loss, driven by selloffs in Lafarge Africa Plc and 47 others.

The All Share Index (ASI) lost by 0.70 per cent to close at 138,737.64 points. Also, market capitalisation shed N623 billion to close at N87.784 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Cadbury Nigeria, PZ Cussons Nigeria, Vitafoam Nigeria and Dangote Sugar Refinery.

Investor sentiment, as measured by market breadth closed negative as 11 stocks advanced, while 48 declined. NCR Nigeria recorded the highest price gain of 9.96 per cent to close at N12.70, per share. Austin Laz & Company followed with a gain of 9.66 per cent to close at N3.18, while Tantalizer rose by 6.09 per cent to close at N2.44, per share.

Multiverse Mining & Exploration rose by 5.50 per cent to close at N11.50, while Deap Capital Management & Trust up by 4.68 per cent to close at N1.79, per share.

On the other hand, AIICO Insurance, Prestige Assurance, Wema Bank and Consolidated Hallmark Holdings led the losers’ chart by 10.00 per cent each to close at N3.42, N1.62, N20.70 and N3.87 respectively, per share.

Ellah Lakes followed with a decline of 9.93 per cent to close at N11.43, while PZ Cussons Nigeria shed 9.89 per cent to close at N33.25, per share.

Also, the total volume traded fell by 0.84 per cent to 407.569 million units, valued at N39.873 billion, and exchanged in 31,406 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 32.612 million shares valued at N3.023 billion. Access Holdings followed with 29.780 million shares worth N775.274 million, while AIICO Insurance traded 21.807 million shares valued at N76.632 million

Ellah Lakes traded 20.536 million shares valued at N235.874 million, while Sovereign Trust Insurance sold 20.414 million shares worth N56.521 million.