Equities market lose N350bn in six days

The performance of Nigeria’s equities market worsened by 0.72 per cent on Wednesday as the market recorded its sixth consecutive decline, representing a combined loss of N350 billion.

Market capitalization dipped to N9.01 trillion following a loss of N65.6 billion. The All Share Index shed 190.58 basis points to close at 26,173.69 basis points.

The day’s downturn was heightened by value depreciation recorded in high capitalized stocks, such as, Guaranty Trust bank and Nigerian Breweries Plc.

Again, market breadth was negative, with 11 gainers paired against 27 losers. PZ Cussons Plc led the losers’ chart by 8.39 per cent, to close at N16.49 per share. Flourmills Nigeria Plc shed 5.00 per cent to close at N18.05 per share, while Nascon Allied Industries Plc and Continental Re-insurance Plc declined by 4.90 per cent each to close at N7.37 and 97 kobo per share respectively. Dangote Flour Plc closed at N3.55 per share following a decline of 4.83 per cent

On the other hand, CAP Plc recorded the highest gain of 4.06 per cent to close at N35.40, Dangote Sugar Plc trailed with a 2.94 per cent gain to close at N6.30 per share and UPL Plc improved by 2.63 per cent to close at N3.90 per share.

Livestock feeds Plc followed with a gain of 2.50 per cent to close at 82 kobo per share, while Red Star Express Plc rose by 2.38 per cent to close at N4.30 per share.

Market performance as measured by the total volume traded, declined by 23 per cent to 146.1 million units valued at N1.04 billion transacted in 3,039 deals in contrast to 189.01 million units valued at N1.6 billion and transacted in 3,434 deals on Tuesday.

Transactions in the shares of Chams Plc once again, topped the activity chart with 40.1 million shares valued at N20.1 million. Guaranty Trust Bank Plc followed with 18.3 million shares worth N378.7 million, while UBA Plc traded 14.1 million shares valued at N59.6 million.

FBN Holdings Plc with the trade of 13.9 million shares worth N42.3 million bagged the fourth position on the activity chart, while Access Bank Plc came fifth having sold 7.5 million shares valued N39.1 million.