Investors’ wealth depreciate further by N41 billion

The Nigeria equities market extended ongoing losses to the fourth consecutive trading sessions yesterday, occasioned by losses suffered by most bluechip stocks, as investors’ wealth depreciated by N41 billion.

Accordingly, the All-Share Index (ASI) fell by 79.97 absolute points, representing a dip of 0.27 per cent to close at 29,030.93 points. Similarly, the overall market capitalisation declined by N41 billion to close at N14.954 trillion.

The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Lafarge Africa, UACN of Nigeria (UACN), BUA Cement, PZ Cussons Nigeria, and United Bank for Africa.

Analysts at Afrinvest Limited, said: “Despite opportunities for bargain hunting in the equities market, we expect the market to close the week on a bearish note.”

Market breadth closed negative, with 10 gainers versus 21 losers. Cornerstone Insurance recorded the highest price gain of 9.26 per cent to close at 59 kobo per share.

NEM Insurance followed with 9.09 per cent to close at N2.40, and Consolidated Hallmark Insurance 8.33 per cent to close at 39 kobo, per share.

Neimeth International Pharmaceuticals rose 7.84 per cent to close at 55 kobo, while Unity Bank garnered 6.67 per cent to close at 64 kobo, per share.

On the other hand, UACN led the losers’ chart by 10 per cent to close at N9.00 per share. Union Diagnostic & Clinical Services followed with 9.09 per cent to close at 20 kobo, and Transnational Corporation of Nigeria (Transcorp) 8.82 to close at 93 kobo, per share.

Associated Bus Company lost 8.11 per cent to close at 34 kobo, while Lasaco Assurance and Livestock Feeds shed 7.14 per cent each to close at 26 kobo and 52 kobo, respectively, per share.

However, the total volume traded rose by 13.06 per cent to 274.47 million shares worth N9.096 billion, traded in 4,411 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 75.73 million shares valued at N2.27 billion. MTN Nigeria followed with 37.55 million shares worth 4.55 billion, while UBA traded 26.89 million shares at N221.04 million.

Zenith Bank traded 23.96 million shares valued at N507.26 million, while Unilever Nigeria transacted 21.798 million shares worth N326.96 million.