The Nigerian equities market on Monday resumed the trading week on a bearish note as losses in the banking sector pulled the overall capitalisation lower by N95 billion.
The Nigerian Exchange Limited All Share Index (NGX ASI) lost by 148.90basis points or 0.10 per cent to close at 155,496.15 points. Also, market capitalisation shed N95 billion to close at N98.698 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Cadbury Nigeria, PZ Cussons Nigeria, Guaranty Trust Holding Company (GTCO) and United Bank for Africa (UBA).
Sentiment was bearish, with 25 stocks advancing versus 33 declining. Aradel Holdings recorded the highest price gain of 10 per cent to close at N869.00, per share. NEM Insurance followed with a gain of 9.67 per cent to close at N32.90, while ASO Savings & Loans went up by 9.09 per cent to close at 72 kobo, per share.
Eterna rose by 8.75 per cent to close at N43.50, while Chams Holding Company up by 7.59 per cent to close at N4.25, per share.
On the other hand, Deap Capital Management & Trust led the losers’ chart by 9.71 per cent to close at N1.58, per share. Champion Breweries followed with a decline of 9.64 per cent to close at N15.00, while Red Star Express shed 8.64 per cent to close at N10.05, per share.
Wapic Insurance depreciated by 6.45 per cent to close at N2.90, while Universal Insurance declined by 5.98 per cent to close at N1.10, per share.
Also, the total volume traded decreased by 58.49 per cent to 503.003 million units, valued at N24.943 billion, and exchanged in 39,972 deals. Transactions in the shares of Access Holdings topped the activity chart with 68.919 million shares valued at N1.621 billion. First Holdco followed with 66.572 million shares worth N2.089 billion, while Universal Insurance traded 19.161 million shares valued at N21.233 million
Sovereign Trust Insurance traded 19.089 million shares valued at N73.973 million, while Zenith Bank sold 18.177 million shares worth N1.201 billion.
On market outlook, Afrinvest Limited said, “we expect the market to reverse today’s losses and trade in positive territory barring any negative triggers.”
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