Equities Market Opens Week With N550bn Loss
The equities market resumed trading on Monday with a decline of 1.97 per cent as a result of losses in large stocks such as Dangote Cement, WAPCO, GTCO and Oando.
Specifically, the market capitalisation shed N550 billion or 1.97 per cent to close at N27.364 trillion against N27.914 trillion posted on Friday.
Also, the All-Share Index, which opened the week at 51,778.08 points closed at 50,756.74 points, recording a loss of 1,021.34 points or 1.97 per cent.
Accordingly, Year-to-Date (YTD) losses increased to -18.82 per cent.
Analysts at Vetiva Dealing and Brokage said, “We saw sell-offs in the banking space moderate today amid price recovery in selected names, while other sectors yielded to the sell pressure.
“Given the current economic situation leading to higher yields in the fixed income space, we anticipate continued tepid trading in the equities market.”
Consequently, market breadth closed negative with seven stocks gaining compared with 31 decliners.
Union Bank of Nigeria and Dangote Cement led the losers’ chart in percentage terms, dropping by 10 per cent, to close at N5.40 per share and N249.30 per share respectively.
Livestock followed with 9.77 per cent to close at N1.20 per share, while International Breweries shed 9.60 per cent to close at N5.65 per share.
Flour Mill dropped 8.57 per cent to close at N32 per share.
Conversely, Jaiz Bank led the gainers’ chart in percentage terms, appreciating by 5.32 per cent each to close at 99k per share.
Regent Alliance Insurance followed with a rise of 3.70 per cent to close at 28k per share.
Japaul Gold also gained 3.33 per cent to close at 31k per share.
Zenith Bank increased by 2.80 per cent to close at N27 per share, while NAHCO appreciated by 2.63 per cent to close at N7.80 per share.
However, the total volume traded increased by 19.72 per cent with an exchange of 345 million shares, worth N3.07 billion, and traded in 5,075 deals.
This was in contrast with a total of 241.19 million shares valued at N3.67 billion achieved in 5,043 deals on Friday.
Transactions in the shares of First City Monument Bank (FCMB) topped the activity chart with 176.59 million shares worth N668.67 million.
United Bank for Africa (UBA) followed with 29.5 million shares valued at N221.19 million, while AccessCorp accounted for 22 million shares valued at N206.37 million.
First Bank of Nigeria Holdings (FBNH) traded 12.57 million shares worth N113.97 million, while Transcorp transacted 11.57 million shares valued at N14.33 million.