The Nigerian equities market witnessed a continued bearish trend yesterday, resulting in an overall loss of N673 billion in market capitalization.
The All-Share Index (ASI) dipped by 1,190.24 points, representing a 1.20 per cent decline to settle at 98,121.30 points. Market capitalization also recorded a drop of N673 billion to close at N55.494 trillion. This downturn was primarily fueled by price depreciation in large and medium capitalised stocks, including MTN Nigeria Communications (MTNN), Transcorp Hotels, FBN Holdings (FBNH), Fidson Healthcare, and Transnational Corporation (Transcorp).
Despite the negative trend, market breadth closed on a positive note, with 22 stocks recording gains compared to 19 losers. SUNU Assurance, Neimeth International Pharmaceuticals, and The Initiates Plc (TIP) emerged as the top price gainers, each rising by 10 per cent to close at N1.21, N1.98, and N1.98 per share, respectively. CAP followed closely with a gain of 9.90 per cent to close at N28.85, while UPDC saw a rise of 9.76 per cent to close at N1.35 per share.
On the flip side, Transcorp Hotels and MTNN led the losers’ chart, each declining by 10 per cent to close at N87.93 and N201.60, respectively, while Oando followed with a decrease of 9.90 per cent to close at N9.10 per share. FBNH and Fidson Healthcare also depreciated by 9.82 per cent and 9.75 per cent, respectively, closing at N19.75 and N14.35 per share.
The total volume of shares traded decreased by 31.10 per cent to 395.751 million units, valued at N9.576 billion, and exchanged in 7,907 deals. Guaranty Trust Holding Company (GTCO) dominated the activity with 81.407 million shares worth N2.931 billion, followed by Zenith Bank with 46.156 million shares valued at N1.691 billion, and United Bank for Africa (UBA) with 41.600 million shares worth N953.518 million. FBNH and Access Holdings also recorded significant trading volumes, exchanging 23.44 million shares worth N480.999 million and 22.301 million shares worth N361.895 million, respectively.
