Nigerian’s equities market drops by N1.62trn
The Nigerian equities market on Wednesday recorded a sharp midweek decline, losing N1.62 trillion in market capitalization as investors trimmed exposure across major counters.
The All-Share Index (ASI) lost 2,573.05 points, representing a loss of 1.02 per cent to close at 249,062.37 points. Also, market capitalisation shed by N1.62 trillion to close at N159.661 trillion.
The decline was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Cement, Chemical and Allied Products (CAP), UACN, Nigerian Exchange Group and First Holdco.
On market outlook, Cowry Assets Management Limited noted that the market is expected to rebound as investors reposition their portfolios, underpinned by the broadly positive sentiment currently surrounding the Nigerian equities market.
Market breadth was positive as 40 advancers outpaced 25 decliners. ABC Transports and Zichis Agro Allied Industry emerged the highest price gainer of 10 per cent each to close at N8.26 and N32.04 respectively, while Japaul Gold & Ventures followed with a gain of 9.95 per cent to close at N4.09, per share.
Living Trust Mortgage Bank increased by 9.92 per cent to close at N4.21, while FTN Cocoa Processors added 9.91 per cent to close at N10.76, per share.
On the other side, BUA Cement led others on the losers’ chart with 10 per cent to close at N414.00, per share. CAP followed with a decline of 9.99 per cent to close at N210.35, while eTranzact International shed 7.03 per cent to close at N17.20, per share.
International Breweries declined by 5.38 per cent to close at N12.30, while DEAP Capital Management & Trust declined by 4.92 per cent to close at N5.80, per share.
Also, the total volume traded declined by 14.74 per cent to 600.224 million units, valued at N32.716 billion, and exchanged in 58,958 deals. Transactions in the shares of Access Holdings led the activity with 55.962 million shares worth N1.418 billion. Japaul Gold & Ventures followed with account of 49.879 million shares valued at N202.869 million, while Zenith Bank traded 36.660 million shares valued at N4.806 billion.
Sterling Financial Holdings Company traded 25.929 million shares worth N200.840 million, while Fidelity Bank traded 21.744 million shares worth N499.585 million.
