The market capitalisation of listed equities depreciated further by N82 billion yesterday, following the extension of losses on the Nigerian Exchange.
Indeed, the All-Share Index (ASI) dropped by 158.02 absolute points, representing a decrease of 0.36 per cent, to close at 43,549.28 points. Similarly, the overall market capitalisation value declined by N82 billion to close at N22.727 trillion.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTNN, Cutix, Nigerian Exchange Group (NGXGroup), Guaranty Trust Holding Company (GTCO) and United Bank for Africa (UBA).
Analysts at Vetiva Dealings and Brokerage firm said: “With market returning to the negative territory amid resurgence of sell-side activity, we expect the last trading session of the week to close negative, as we continue to see more profit taking.”
Similarly, the market breadth closed negative, recording 19 losers and 12 gainers.
Unity Bank recorded the highest price gain of 7.27 per cent to close at 59 kobo, while FTN Cocoa processors followed with a gain five per cent to close at 42 kobo. Universal Insurance appreciated by 4.76 per cent to close at 22 kobo.
Lafarge Africa went up by 2.62 per cent to close at N25.50 kobo while UACN Property Development Company (UPDC) appreciated by 2.42 per cent, to close at N1.69 kobo.
On the other hand, Cornerstone Insurance led the losers’ chart by 8.77 per cent, to close at 52 kobo, while Cutix followed with a decline of 8.06 per cent to close at N5.70 kobo.
eTranzact International and Regency Alliance Insurance shed 7.32 per cent each to close at N1.90 and 38 kobo, while Lasaco Assurance depreciated by 5.36 per cent to close at N1.06 kobo.
The total volume traded fell by 40.41 per cent to 161.308 million shares, worth N2.140 billion, and traded in 3,574 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 28.155 million shares valued at N322.074 million.
Transnational Corporation of Nigeria (Transcorp) followed with 23.506 million shares worth N23.506 million, while Zenith Bank traded 12.521 million shares valued at N301.203 million.
Access Bank traded 9.289 million shares valued at N86.960 million, while Sterling Bank transacted 8.296 million shares worth N12.461 million.
– Guardian