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HomeBusinessNigeria's equity market losses N28 bln in value as Zenith Bank, others...

Nigeria’s equity market losses N28 bln in value as Zenith Bank, others share prices fall

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By Ifeyinwa Ezeokoli 

Activities in the domestic equities market on Wednesday returned to negative territory with a decline of N28 billion in market value following losses in Zenith Bank and 17 other quoted companies.

Consequently, the market capitalisation lost N28 billion to close at N26.740 trillion.

Also, the All Share Index (ASI) decreased by 51.79 points, representing a decline of 0.10 per cent to close at 49,575.93.

Accordingly, the month-to-date and year-to-date returns settled at -0.5 per cent and +16.1 per cent, respectively.

As measured by market breadth market sentiment was negative with 18 laggards against 14 gainers.

An analysis of the price movement chart showed that FTN Cocoa processors led the losers’ chart in percentage terms by 9.38 per cent to close at 29k per share.

Chams followed with 9.09 per cent to close at 30k, while Wapic Insurance went down by N5.26 to close at 36k per share.

Cutix dipped 4.87 per cent to close at N2.15, while AIICO Insurance shed 3.51 per cent to close at 55k per share.

On the other hand, Regency Alliance Insurance led the gainers’ chart in percentage terms by eight per cent to close at 27k per share.

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Associated Bus Company followed with 7.14 per cent to close at 30k, while Japaul Gold & Ventures up by 3.70 per cent to close at 28k per share.

Livestock Feeds rose by 3.60 per cent to close at N1.15, while Honeywell Flour Mill appreciated by 3.00 per cent to close at N2.40 per share.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Nigerian Exchange Group, Union Bank of Nigeria (UBN), Cutix and United Bank for Africa (UBA).

On market outlook, GTI Securities Limited said “we expect cautious trading to continue pending any significant changes in the economic conditions.”

The total volume traded increased by 23.2 per cent to 197.46 million units, valued at N2.94 billion and exchanged in 3,462 deals.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 87.144 million shares valued at N40.99 million.

Zenith Bank followed with 18.25 million shares worth N360.26 million, while Guaranty Trust Holding Company traded 9.482 million shares valued at N187.39 million.

Cornerstone Insurance traded 9.36 million shares valued at N5.70 million, while Sterling Bank transacted 7.79 million shares worth N11.69 million.

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