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Nigeria’s equity market sustains fourth consecutive day loss, as investors value declines N4 bln

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By Ifeyinwa Ezeokol

The Nigerian equities market resumed trading for the week on Monday on a cautious note, as the market sustained a consecutive four day decline with the main index declined marginally while the market capitalisation fell by N4 billion at the close transaction.

The All Share Index (ASI) marginally decreased by 0.01 percent to close at 47,262.61 points compared with 47,268.61 posted on Friday.

The market capitalisation of equities listed on the NGX declined to N25.472 trillion from N25.475 trillion as on the previous close. The total volume traded closed with an exchange of 291.882 million units valued at N2.86 billion traded in 4,792 deals.

The market breadth was positive with 19 gainers as against 18 losers.

The NGX 30 Index marginally decreased by 0.02 percent to close at 1,810.00 points as against 1,810.40 points on the previous close.

Market turnover closed with traded volume of 126.55 million units. Fidelity and International Breweries were the key gainers, while Seplat and UBN were the key losers.

Consequently, the month-to-date loss and year-to-date return moderated to 0.3 per cent and 10.6 percent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Seplat Energy, Africa Prudential, Union Bank of Nigeria, NASCON Allied Industries and Unilever.

On market outlook, analysts at GTI Securities Limited said:  “Trading activities began the week on a negative note, bringing about four consecutive days of losses. 

READ ALSO: Nigeria’s lender, UBA posts 20% profit growth to N153 bln in 2021

“Bulls are expected to return to the market given the spate of corporate actions, we anticipate improved market activity to encourage a bullish response next week.”

Niger Insurance led the losers’ chart in percentage terms by 8.70 per cent to close at 21k per share. 

AIICO Insurance followed with 5.71 per cent to close at 66k, while Linkage Assurance depreciated by 5.17 per cent  to close at 55k per share.

Regency Alliance Insurance declined by 4.76 per cent to close at 40k, while Africa Prudential depreciated by 4.41 per cent to close at N6.50 per share.

On thre other hand, Cornerstone Insurance drove the gainers’ chart in percentage terms by 9.38 per cent to close at 70k per share. 

Wapic Insurance followed with 8.70 per cent to close at 50k, while FTN Cocoa processors rose by 8.33 per cent to close at 39k per share.

Honeywell Flour Mills rose by 5.14 per cent to close at N3.89, while Mutual Benefits Assurance appreciated by four per cent to close at 26k per share.

Transactions in the shares of Jaiz Bank topped the activity chart with 72.46 million shares valued at N57.25 million. 

Access Bank followed with 23.06 million shares worth N236.41 million, while United Bank for Africa traded 19.99 million shares valued at N169.14 million.

Transcorp traded 15.87 million shares valued at N16.95 million, while Guaranty Trust Holding Company transacted 15.35 million shares worth N399.01 million.

This was in contrast with 179.33 million shares valued at N2.12 billion exchanged in 4,654 deals on Friday.

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