Equity Market Extends Losses by 0.13%

The Nigerian equity market extended its losses for the fourth consecutive session on Wednesday, declining by 0.13 per cent due to profit-taking in Tier-one banking stocks.

Sell-offs in Zenith Bank, FBN Holdings, United Bank of Africa(UBA), Access Corporation, Fidelity Bank, FCMB, as well as Transnational Corporation, PZ Cussons Nigeria, Nigerian Breweries, among other declined equities pulled the market to a loss terrain.

Consequently, the market capitalisation which opened at N55.132 trillion, shed N74 billion or 0.13 per cent to close at N55.058 trillion.

The All-Share Index also closed 0.13 per cent or 131 points lower to 97,343.42 points, compared with 97,473.98 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return also slipped to 30.18 per cent.

Market breadth also closed negative with 30 gainers and 13 losers on the floor of the Exchange. On the losers’ log, FTN Cocoa Processors and PZ led by 10 per cent each to close at N1.44 and N20.25 per share respectively.

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Sterling Nigeria also lost 9.89 per cent to close at N4.01, The Initiates Plc dropped 9.78 per cent to close at N2.03, while UAC Nigeria shed 9.76 per cent to close at N13.40 per share.

On the other hand, Custodian & Allied Plc led the gainers’ log by 9.63 per cent to close at N10.25 per share. International Energy Insurance followed by 9.29 per cent to close at N1.53, while Sovereign Trust Insurance gained 7.89 per cent to close at 41k per share.

Nigeria Police Force Microfinance Bank also advanced by 7.10 per cent to close at N1.96 and Champion rose by 6.11 per cent to close at N3.30 per share. Analysis of the market activity showed that trade turnover settled 22.87 per cent higher than the previous session.

Investors transacted 355.55 million shares valued at N7.14 billion in 7,333 deals, as against 306.60 million shares valued at N5.81 billion traded in 7,951 deals posted previously.

GTCO led the volume and value chart with 71.87 million shares worth N3.04 billion, Custodian trailed by 65.47 million shares valued at N785.26 million.

Access Corporation sold 24.17 million shares worth N416.73 million, Tantalizers traded 21.30 million shares valued at N12.44 million. Also, Prestige Assurance transacted 17.54 million shares worth N8.96 million. Oil Prices Increase as IEA, OPEC Differ on Demand Outlook

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