Equities market drops by N66bn

The domestic equities market yesterday extended its bearish performance as price decline in MTN Nigeria Communications (MTNN) Plc and 28 others dragged the market lower by N66 billion.

The Nigerian Exchange Limited All-Share Index (NGX ASI) lost 121.21 basis points or 0.18 per cent to close at 67,084.95 basis points. Also, market capitalisation declined by N66 billion to close at N36.857 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Stanbic IBTC Holdings, MTN Nigeria Communications (MTNN), Flour Mills of Nigeria, CWG and Guaranty Trust Holding Company (GTCO).

As measured by market breadth, market sentiment was negative, as 12 stocks gained relative to 29 losers. McNichols emerged the highest price gainer of 8.93 per cent to close at 61 kobo, per share. UAC of Nigeria (UACN) followed with a gain of 6.09 per cent to close at N12.20, while Oando rose by 4.07 per cent to close at N8.95, per share.

Chams Holding Company increased by 3.65 per cent to close at N1.99, while Nestle Nigeria added 2.94 per cent to close at N1,050.00, per share. On the other side, Secure Electronic Technology led the losers’ chart with 10 per cent to close at 27 kobo, per share. CWG followed with a decline of 9.94 per cent to close at N7.70, while Thomas Wyatt Nigeria shed 9.84 per cent to close at N4.03, per share.

International Breweries depreciated by 9.78 per cent to close at N4.15, while Universal Insurance down by 8.33 per cent to close at 22 kobo, per share.

The total volume traded declined by 18.81 per cent to 267.654 million units, valued at N5.111 billion, and exchanged in 5,205 deals. Transactions in the shares of Fidelity Bank led the activity with 39.831 million shares worth N326.853 million. Chams Holding Company followed with account of 23.500 million shares valued at N46.416 million, while Access Holdings traded 20.556 million shares valued at N347.746 million.

United Bank for Africa (UBA) traded 91.008 million shares worth N347.268 million, while Japaul Gold & Ventures traded 18.253 million shares worth N16.286 million.

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