Nigerian equities yesterday extended losses for the third consecutive session to open the week as the All-Share Index closed 0.16 per cent weaker.
The All Share Index (ASI) decreased by 73.56 absolute points, representing a dip of 0.16 percent to close at 43,839.08 points. Similarly, the market capitalisation lost N40 billion to close at N23.878 trillion.The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Ecobank Transnational Incorporated (ETI), United Capital, Nigerian Exchange Group (NGX Group), International Breweries and Guaranty Trust Holding Company (GTCO).
On the week’s performance, United Capital Plc expected bearish sentiment to continue to dominate the market as investors remain on the sidelines with sight on an attractive yield environment in the fixed-income market. “However, we may see some bargain hunting in stocks with underlying fundamentals as investors are likely to take positions in fundamentally sound stocks with fantastic Q3-22 earnings, especially dividend-paying stocks,” United Capital stated.
Also, market breadth closed negative, with 19 losers versus eight gainers. Nigerian Aviation Handling Company (NAHCO) recorded the highest price gain of 9.88 percent, to close at N5.67, per share. Courteville Business Solutions followed with a gain 8.70 percent to close at 50 kobo, while NEM Insurance appreciated by 6.67 percent to close at N4.00, per share.
Fidelity Bank went up by 2.44 percent to close at N4.20, while Transnational Corporation of Nigeria (Transcorp) appreciated by 1.90 percent to close at N1.07, per share. On the other hand, International Breweries led the losers’ chart by 9.78 percent, to close at N4.15, per share. Livestock Feeds followed with a decline of 9.73 percent to close at N1.02, while Japaul Gold & Ventures went down by 9.68 to close at 28 kobo, per share. ETI lost 9.55 percent to close at N9.95, while Chams shed 7.41 percent to close at 25 kobo, per share.
The total volume however increased by 31.1 percent to 161.076 million shares, worth N3.470 billion, and traded in 4,258 deals. Transactions in the shares of Transcorp topped the activity chart with 19.036 million shares valued at N20.016 million. Access Holdings followed with 16.638 million shares worth N130.438 million, while Sterling Bank traded 12.494 million shares valued at N17.975 million.
Fidelity Bank traded 12.190 million shares valued at N50.052 million, while Sovereign Trust Insurance transacted 10.769 million shares worth N2.880 million.
Leave a Reply