Nigerian equities market drops by N77bn

The Nigerian equities market commenced the new trading week on a subdued note, as investors’ investments declined by N77 billion.

The All-Share Index (ASI) lost 118.66 basis points or 0.05 per cent to close at 247,238.74 basis points. Also, market capitalisation shed N77 billion to close at N159.511 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Transcorp Power, Fidson Healthcare, BUA Cement, Nigerian Aviation Handling Company (NAHCO) and NEM Insurance.

Looking ahead, Cowry Assets Management Limited stated that “the market is tilting toward a rebound given today’s marginal decline, though profit-taking in recently appreciated counters could temper the pace of any recovery.”

Investor sentiment was negative, as 32 decliners outpaced 27 advancers. Thomas Wyatt Nigeria emerged the highest price gainer of 9.92 per cent to close at N3.99, per share. Lasaco Assurance followed with a gain of 9.89 per cent to close at N2.00, while Critical Minerals Financing Corporation (CMFC) rose by 9.18 per cent to close at N3.45, per share.

Chams Holding Company increased by 7.78 per cent to close at N4.85, while Nigerian Exchange Group up by 6.96 per cent to close at N158.30, per share. 

On the other side, Sunu Assurance and Transcorp Power led the losers’ chart with 10 per cent each to close at N3.24 and N219.60 respectively, while International Breweries followed with a decline of 9.85 per cent to close at N12.35, per share.

Neimeth International Pharmaceuticals depreciated by 9.78 per cent to close at N8.30, while Austin Laz & Company down by 9.64 per cent to close at N3.28, per share.

Meanwhile, the total volume of trades increased by 3.81 per cent to 637.961 million units, valued at N57.202 billion, and exchanged in 71,240 deals. Transactions in the shares of Access Holdings led the activity with 47.575 million shares worth N1.369 billion. FCMB Group followed with account of 40.333 million shares valued at N478.246 million, while First Holdco traded 34.197 million shares valued at N4.248 billion.

Champion Breweries traded 33.152 million shares worth N372.208 million, while Zenith Bank traded 25.442 million shares worth N3.228 billion.