The Nigerian equities market commenced the week on a negative trajectory, with Dangote Sugar Refinery Plc and 29 other companies dragging the overall capitalization lower by N289 billion.
The All-Share Index experienced a decline of 0.49 percent, shedding 511.02 points to close at 104,136.35 points. Similarly, the overall market capitalization value dropped by N289 billion to settle at N58.880 trillion.
The market’s negative performance was primarily driven by price depreciations in large and medium capitalization stocks, including Dangote Sugar Refinery, Transcorp Power, Ecobank Transnational Incorporated (ETI), Transnational Corporation (Transcorp), and FBNH Holdings (FBNH).
Analysts at United Capital Plc foresee activities in the fixed-income market continuing to dampen enthusiasm for equities investments. Additionally, indications of a hawkish stance by the Central Bank of Nigeria (CBN) in its upcoming meeting scheduled for March 25 and March 26, 2024, are expected to cast a bearish spell across risk asset classes. However, the market may witness further bargain hunting throughout the week, driven by the release of financial statements from key corporates, the dividend season, and corporate resilience.
Market breadth closed negative, with 20 stocks advancing and 30 declining. Ellah Lakes recorded the highest price gain of 10 percent, followed by Morison Industries with a gain of 9.93 percent and SUNU Assurance with a 9.48 percent increase.
Conversely, Dangote Sugar Refinery and International Energy Insurance led the losers’ chart with a 10 percent decline each, followed by Jaiz Bank, which recorded a 9.92 percent drop.
Total volume traded declined by 39.34 percent to 306.822 million units, valued at N11.383 billion, exchanged in 9,343 deals. Nigeria Infrastructure Debt Fund (NIDF) dominated the activity chart with 35.548 million shares valued at N4.052 billion, followed by Jaiz Bank and United Bank for Africa (UBA).
Nigerian Breweries and Access Holdings also recorded significant trading volumes during the session.
