Nigeria’s equities market drops by N759bn 

Bearish sentiment dominated on the Nigeria’s equities market as the all capitalisation declined by N759 billion amid heavy sell-offs.

The All-Share Index (ASI) lost 1,182.08 points, representing a loss of 0.49 per cent to close at 240,802.72 points. Also, market capitalisation shed by N759 billion to close at N 154.445 trillion.

The decline was driven by price depreciation in large and medium capitalised stocks amongst which are; Okomu Oil, Geregu Power, Nigerian Exchange Group, Stanbic IBTC Holdings and Industrial & Medical Gases Nigeria.

As measured by market breadth, market sentiment was negative as 13 stocks gained relative to 51 losers. Neimeth International Pharmaceuticals emerged the highest price gainer of 10 per cent to close at N9.25, per share. Cornerstone Insurance followed with a gain of 9.26 per cent to close at N5.90, while VFD Group advanced by 7.96 per cent to close at N10.85, per share.

McNichols rose by 7.14 per cent to close at N7.50, while SUNU Assurance appreciated by 3.91 per cent to close at N3.72, per share.

On the other side, Geregu Power led others on the losers’ chart with 10 per cent to close at N1,019.30, per share. Okomu Oil followed with a decline of 9.97 per cent to close at N1,418.00, while Red Star Express shed 9.95 per cent to close at N27.60, per share.

Consolidated Hallmark Insurance declined by 9.91 per cent to close at N7.82, while International Energy Insurance declined by 9.90 per cent to close at N5.19, per share.

Meanwhile, the total volume traded increased by 23.79 per cent to 662.963 million units, valued at N39.949 billion, and exchanged in 51,143 deals. Transactions in the shares of Access Holdings led the activity with 130.264 million shares worth N3.072 billion. Jaiz Bank followed with account of 114.922 million shares valued at N1.045 billion, while Sterling Financial Holdings Company traded 31.103 million shares valued at N237.232 million.

International Breweries traded 22.059 million shares worth N247.620 million, while Linkage Assurance traded 17.016 million shares worth N27.686 million.