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Nigeria’s equity down N19 bln on sell-off on Energy firm, Seplat shares, others

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By Ifeyinwa Ezeokoli 


The nation’s bourse opened trading for the week on Monday negative amidst buy-interests and sell-offs as activities as the market extended losses for the fourth consecutive session.

Thus, the All-Share Index settled lower by 35.21 points or 0.07 per cent to close at 49,440.21 points while the month-to-date and year-to-date returns settled at -0.8 per cent and +15.7 per cent, respectively.

The market cap of equities listed on the NGX decreased to N26.667 trillion from N26.686 trillion as of the previous close.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, University Press, AXA Mansard Insurance, United Capital and Guaranty Trust Holding Company (GTCO).

Looking ahead, United Capital Plc expected “the local bourse to remain in a lull in anticipation of the upcoming Monetary Policy Committee (MPC) meeting scheduled Sept.. 26 and 27. 

“We recommend that investors and fund managers continue to cherry-pick stocks with solid underlying fundamentals amid an overall bearish-dominated bourse.”

The market breadth was flat with 11 gainers and 11 losers declined. 

e-Tranzact International led the gainers’ chart in percentage terms by 9.97 per cent to close at N3.20 per share. 

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Academy Press followed with 9.52 per cent to close at N1.84, while Vitafoam was up by five per cent to close at N21 per share.

Honeywell Flour Mill rose by 3.36 per cent to close at N2.46, while Cornerstone  Insurance rose by 3.33 per cent to close at 62k per share. 

On the other hand, Associated Bus Company led the losers’ chart in percentage terms by 10 per cent to close at 27k per share. 

University Press trailed with 9.44 per cent to close at N1.63, while Mutual Benefits Assurance fell by 6.90 per cent to close at 27k per share.

R.T. Briscoe dipped 6.25 per cent to close at 30k, while Courteville Business Solutions shed 6.12 per cent to close at 46k per share.

Meanwhile, the total volume traded declined by 37.33 per cent to 67.37 million units valued at N1.48 billion and exchanged in 3,386 deals. 

Transactions in the shares of FBN Holdings topped the activity chart with 9.67 million shares valued at N96.56 million. 

Zenith  Bank followed with 9.25 million shares worth N182.39 million, while GTCO traded 6.11 million shares valued at N120.39 million.

Mutual Benefits Assurance traded 4.49 million shares valued at N1.25 million, while Sovereign Trust Insurance transacted 2.96 million shares worth N797,719. 

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