FOLLOWING losses suffered by many blue-chip stocks, the Nigerian equities market reversed gains to close on a downward note yesterday, as the market capitalised by N5 billion.
Yesterday, the All-Share Index decreased by 8.81 absolute points, representing a dip of 0.02 per cent to close at 47,428.67 points. Similarly, the market capitalisation lost N5 billion to close at N25.561 trillion.
Losses in large and medium-cap stocks, such as Conoil, MTN Nigeria Communications (MTNN), Eterna, Nigerian Breweries, and Guaranty Trust Holding Company, contributed to the decline.
Analysts at GTI Securities Limited said: “Trading activities on the equity market started the week bearish with profit-taking seen across three of the five major sectors.
“We expect the equities market to trade cautiously this week as investors digest present economic realities.”
Vetiva Dealing and Brokerage said: “Market stayed elevated on the back of large volume transactions, while banking names continue to dominate the activity chart. Barring any block transactions, we are likely to see a tepid session tomorrow amid recoveries in some of the major sectors that closed south today.”
Market sentiment was negative, as assessed by market breadth, with 22 equities declining and 19 others rising in price. R.T. Briscoe Nigeria saw the biggest price increase, rising 9.59 percent to 80 kobo per share. Ecobank Transnational Incorporated (ETI) rose 7.27 percent to N11.80, while AIICO Insurance rose 6.52 percent to 49 kobo.
Niger Insurance rose 4.55 percent to 23 kobo, while Mutual Benefits Assurance and Caverton Offshore Support Group both rose 3.85 percent to 27 kobo and N1.35 kobo, respectively.
Caverton gained 3.85% to N1.35 kobo at the close. NGX Group closed at N22.50 kobo, up 3.21 percent. United Capital closed at N12.95 kobo, up 3.19 percent. To settle at N3.60 kobo, First City Monument Bank gained 2.86 percent. TransNational Corporation gained 2.73 percent to N1.13 kobo at the close.
Eterna and Computer Warehouse Group (CWG), on the other hand, headed the losers’ chart with 10% declines to end at N5.04 and 99 kobo, respectively, while Royal Exchange followed with a 9.92% drop to close at N1.09 kobo.
SCOA Nigeria lost 8.13 percent to close at N2.60 a share, while Veritas Kapital Assurance lost 8.70 percent to close at 21 kobo. Cornerstone Insurance closed at 68 kobo, down 8.11 percent. Conoil closed at N24, down 4.38 percent. Jaiz Bank lost 4% of its value, closing at 72 kobo.
Lasaco fell 3.67 percent to N1.05 kobo at the closing. Redstar Express also fell 3.61 percent to N3.20 kobo at the closing.
However, overall volume traded increased by 11 percent to 1.289 billion shares worth N7.919 billion, exchanged in 4,735 transactions. With 1.024 billion shares valued at N3.839 billion, transactions in FCMB Group shares topped the activity table.
Fidelity Bank came in second with 38.138 million shares worth N108.874 million, and Zenith Bank came in third with 28.462 million shares worth N768.124 million.
Transnational Corporation of Nigeria (Transcorp) traded 20.999 million shares worth N23.791 million, while GTCO traded 17.017 million shares worth N455.384 million.
