- Advertisement -spot_img
28.2 C
HomeBusinessNigeria's equity market sustain bearish sentiment with 0.12% decline in index

Nigeria’s equity market sustain bearish sentiment with 0.12% decline in index

- Advertisement -spot_img

By Ifeyinwa Ezeokoli 


Sentiments remained bearish in the domestic equities market on Thursday, as losses in Lafarge Africa and 21 others caused a 0.12 per cent decline in the benchmark index. 

The shares in International  Breweries dropped -9.2 per cent while that of Lafarge Africa declined by 1.9 per cent, pushing down the benchmark index. 

Thus, the All Share Index (ASI) decreased by 64.52 absolute points, representing a dip of 0.12 per cent to close at 52,122.00 points.

Consequently, the month-to-date and year-to-date returns moderated to 0.6 per cent and 22.0 per cent, respectively.

Similarly, the market capitalisation lost N35 billion to close at N28.107 trillion, the mark cap closed at N28.142 trillion the previous day.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; International Breweries, Lafarge Africa, NEM Insurance, GlaxoSmithKline Consumer Nigeria and Caverton Offshore Support Group.

On market outlook, analysts at GTI Securities Limited said “equity market closed trading activities negative, with continued sell-off trend in all the major market sector. 

“We expect the sell-off to continue through the week, as investors react to the interest rate hike.”

As measured by market breadth, market sentiment was negative with 22 laggards relative to 13 gainers. 

READ ALSO: Nigeria’s revenue falls short by 61% in April to N1.23 trln ~Finmin

International Breweries led the losers’ chart in percentage terms by 9.17 per cent to close at N4.95 per share. 

Caverton Offshore Support Group followed with 8.80 per cent to close at N1.14, while  R.T. Briscoe Nigeria went down by 8.33 to close at 44k per share. 

Chams lost 7.41 per cent to close at 25k, while Lasaco Insurance shed 7.34 per cent to close at N1.01 per share.

On the other hand, Multiverse Mining and Exploration drove the gainers’ chart in percentage terms by 9.55 per cent to close at N1.95 per share.

Cornerstone Insurance followed with 9.09 per cent to close at 72k, while Regency Alliance Insurance up by eight per cent to close at 27k per share.

AIICO Insurance rose by 4.92 per cent to close at 64k, while Learn Africa appreciated by four per cent to close at N2.60, per share. 

The total volume traded declined by 36.2 per cent to 151.94 million units valued at N2.16 billion exchanged in 3,447 deals. 

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 33.849 million shares valued at N707.71 million. 

United Bank for Africa (UBA) followed with 14.24 million shares worth N105.39 million, while UAC of Nigeria (UACN) traded 12.47 million shares valued at N139.26 million.

Access Holdings traded 10.36 million shares valued at N94.09 million, while Zenith Bank transacted 9.49 million shares worth N207.89 million.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img