Opening the week today the Nigerian equities sustained its losing streak for the third consecutive session as it declined by N17 billion.
The All-Share Index (ASI) declined by 30.74 per cent, representing a decrease of 0.07 per cent, to close at 47,251.93 points. Similarly, the overall market capitalisation value lost N17 billion to close at N25.466 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Berger Paints Nigeria, UAC of Nigeria (UACN), NASCON Allied Industry (NASCON), United Capital and Eterna.
This week, GTI Securities Limited said “The equity market maintained its negative trend from last week as economic conditions continue to cloud market sentiments.
“A mounting debt profile, shrinking government revenue, and potential currency devaluation continue to fuel an exodus from risky assets in search of more stable investment options. Investors will be looking forward to the outcome of the Monetary Policy Committee (MPC) meeting on Wednesday to determine the next moves.”
Meanwhile, market breadth was negative as 22 stocks lost relative to 15 gainers. Guinness Nigeria recorded the highest price gain of 10 per cent to close at N71.5, per share. Royal Exchange followed with a gain of 8.33 per cent to close at N1.30 and Mutual Benefits Assurance up by 8.00 per cent to close at 27 kobo, per share.
Lasaco Assurance rose by 6.00 per cent to close at N1.06, while livestock Feeds gained 5.63 per cent to close at N1.69, per share. On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 10.00 per cent to close at 72 kobo, per share. Berger Paints Nigeria followed with a decline of 9.64 per cent to close at N7.50, while Ikeja Hotel lost 8.76 per cent to close at N1.25, per share.
Champion Breweries declined 8.07 per cent to close at N2.05, while UACN Property Development Company (UPDC) shed 8.00 per cent to close at 92 kobo, per share.
Also, the total volume traded declined by 60.4 per cent to 213.570 million units, valued at N2.676 billion, and exchanged in 4,485 deals. Transactions in the shares of Access Bank topped the activity chart with 27.188 million shares valued at N265.421 million.
Zenith Bank followed with 19.926 million shares worth N534.680 million, while United Bank for Africa (UBA) traded 18.737 million shares valued at N145.042 million.
Guaranty Trust Bank Holding Company (GTCO) traded 18.406 million shares valued at N482.362 million, while Transnational Corporation of Nigeria (Transcorp) transacted 15.119 million shares worth N17.068 million.
