By Ifeyinwa Ezeokoli
The domestic equities market resumed the week’s trading on a sour note, as profit-taking activities in Stanbic IBTC (-8.5 percent) and Nigerian Breweries (-3.1 percent) undermined market performance.
Consequently, Nigerian equities opened the week on Monday, extending their losing streak for the seventh consecutive session as investors’ investment declined by N16 billion.
As a result, the market capitalisation closed lower at N29.900 trillion.
The All-Share Index (ASI) decreased by 29.35 points, representing a dip of 0.05 percent, to close at 54,886.04.
Also, the month-to-date and year-to-date returns settled at -1.6 percent and 7.1 percent, respectively.
The downturn was impacted by losses recorded in medium and large-cap stocks, amongst which are Stanbic IBTC Holdings, Nigerian Breweries, Chemical & Allied Products, Multiverse Mining and Exploration, and FCMB Group.
Looking ahead, United Capital Plc said, “We expect risk-on sentiments to return to the equities markets as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1, 2023.
“Taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season remains the preferred strategy. However, we see room for extended profit-taking activities.”
Meanwhile, market breadth, which is measured by market sentiment, was positive, as 19 stocks gained relative to 14 losers. Access Holdings recorded the highest price gain of 7.14 percent to close at $9 per share.
Cutix followed with a gain of 5.69 percent to close at N2.23 while University Press appreciated by 5.53 percent to close at N2.10 per share.
Custodian Investment went up by 5.17 percent to close at N16.10, while Chams Holding Company appreciated by 4.17 percent to close at 25k per share.
On the other hand, Ikeja Hotel led the losers’ chart by 9.52 percent to close at N1.14 per share.
Wapic Insurance followed with a decline of 9.52 percent to close at 38, while Stanbic IBTC Holdings went down by 8.52 percent to close at N36.50 per share.
Multiverse Mining and Exploration lost 5.80 percent to close at N3.25, while Livestock Feeds shed 5.50 percent to close at N1.03 per share.
The total volume traded went up by 646.50 percent to 1.17 billion shares, valued at N2.88 billion, exchanged in 3,066 deals.
Transactions in the shares of Neimeth Pharmaceutical topped the activity chart with 1.07 billion shares valued at N1.58 billion.
United Bank for Africa (UBA) followed with 15.964 million shares worth N128.78 million, while Access Holdings traded 13.03 million shares valued at N114.37 million.
Transcorp traded 11.77 million shares valued at N15.26 million, while Zenith Bank transacted 9.86 million shares worth N243.76 million.