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HomeBusinessNigeria's equity market declines on losses by Guinness, Lafarge

Nigeria’s equity market declines on losses by Guinness, Lafarge

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By Samuel Bankole

Nigeria’s equities market closed on a negative position on Monday as the main index fell marginally by 0.02 percent, triggered by decline in the shares of First Bank Holdco, Guinness and Lafarge Africa.

The All-Share Index (ASI) closed at 38,915.62 points while the market capitalisation declined to N20.276 trillion from N20.279 trillion the previous day.

The total volume traded closed with an exchange of 201.103 million units valued at N2.53 billion traded in 3,340 deals. The market breadth was negative with 18 gainers as against 20 losers.

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Traders said the decline in valuation was due to some investors taking profit in all the major indices except the consumer goods and banking indices.

The NGX 30 Index marginally increased by 0.01 percent to close at 1,615.86 points as against 1,615.69 points as on the previous day.

Market turnover closed with traded volume of 98.56 million units. Fidelity and International Breweries were the key gainers, while Guinness and Lafarge Africa were the key losers.

However, analysts at United Capital Plc projects that the market will experience bargain hunting in some stocks that experienced profit-taking in the previous week.

“In the medium term, we expect the market to remain choppy. Additionally, market participants will be watching the fixed income space closely amid a hike in stop rates at the recent Nigerian Treasury Bills (NTB) auction,” the investment banking group stated in a note to clients.

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