Equity Market Extends Downturn With N41bn Loss

Transactions in the Nigerian equity market on Monday closed negative, as losing streak extended to the fourth consecutive trading days, following sell-off on some high valued stocks.

However, the market breadth closed negative, recording 13 gainers and 16 losers.

Consequently, the All-Share Index dipped 143.91 basis points or 0.27 per cent to close at 28,337.49 index points as against 28,415.31 recorded the previous trading session while market capitalisation of equities depreciated by N41bn from N14.85tn the previous day to N14.81tn as market sentiment remained on the negative territory.

Meanwhile, a turnover of 384.14m shares exchanged in 5,759 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 174.20m shares exchanged by investors in 2,141 deals.

Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.

Also, the banking sub-sector boosted by the activities in the shares of GTBank Plc and Sterling Bank Plc followed with a turnover of 85.22 million shares in 1,370 deals.

Further analysis of the day’s trading showed that in percentage terms Eterna Oil Plc topped the day’s gainers’ table with 9.92 per cent to close at N3.99 per share while Union Dicon Plc followed with 8.33 per cent to close at 26 kobo per share. Transcorp Plc added 4.84 per cent to close at 65 kobo per share.

On the flip side, International Breweries Plc led the losers with a drop of 9.11 per cent to close at N4.29 per share while AXA-Mansard Plc shed 5.57 per cent to close at N1.83 per share. Flour Mills of Nigeria Plc trailed with 4.55 per cent to close at 21 kobo per share.