Market Gaining Streak Halted After Capitalisation Sheds N38bn
The Nigerian equities market lost Wednesday gains at the end of yesterday’s’s transactions, following sell-pressure in high cap stocks, resulting to a slide in market capitalisation by N38 billion.
The All Share Index (ASI) fell by 81.28 points or 0.30 per cent to 26,665.73 points. Accordingly, investors lost N38 billion in value as market capitalisation declined to N12.832 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; MTN Nigeria, UPDC Real Estate Investment Trust (UPDCREIT), UAC of Nigeria (UACN), Access Bank, and International Breweries.
Analysts at Afrinvest Limited, said: “We expect a bearish outing in the equities market by the close of the week as investors maintain a risk-off approach.”
However, market breadth closed positive, with 14 gainers versus 11 losers. Glaxo Smithkline Consumer Nigeria recorded the highest price gain of 9.52 per cent to close at N5.75 per share.
AG Leventis & Company followed with 8.70 per cent to close at 50 kobo, while Wema Bank appreciated 7.14 per cent to close at 75 kobo, per share.
Wapic Insurance rose 5.88 per cent to close at 36 kobo, and Fidelity Bank 5.77 per cent to close at N2.20, per share.
On the other hand, Cornerstone Insurance led the lagers with 9.80 per cent to close at 46 kobo per share.
UPDCREIT followed with 9.59 per cent to close at N3.30, and UACN Property Development Company 6.67 to close at 84 kobo, per share.
MTN Nigeria lost 2.43 per cent to close at N112.50, while Honeywell Flour Mills shed 1.96 per cent to close at N1.00, per share.
The total volume traded rose by 30.74 per cent to 304.21 million shares worth N3.15 billion, traded in 2,690 deals. Transactions in the shares of Access Bank topped the activity chart with 147.72 million shares valued at N1.43 billion. Zenith Bank followed with 27.37 million shares worth N506.33 million, while FCMB Group traded 23.11 million shares valued at N41.54 million.
Guaranty Trust Bank traded 21.59 million shares at N639.85 million, while Fidelity Bank transacted 13.92 million shares worth N30.30 million.