Nigerian equities yesterday opened the week on negative as the All-Share Index declined by 0.05 per cent.
The All Share Index (ASI) decreased by 25.95 absolute points, representing a dip of 0.05 per cent to close at 49,344.67 points. Similarly, the market capitalisation lost N14 billion to close at N26.615 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group (NGXGroup), Ecobank Transnational Incorporated (ETI), Africa Prudential, MRS Oil Nigeria and Lasaco Assurance Plc.
This week, United Capital Plc expected the local bourse to continue broadly bearish as investors continue to sit on the sidelines and switch assets given attractive yields in fixed income instruments.
“Also, we anticipate that investors and fund managers will continue to cherry-pick stocks with strong underlying fundamentals,” it stated.
The market breadth closed negative, with 19 losers versus nine gainers. Courteville Business Solutions recorded the highest price gain of 9.09 per cent to close at 48 kobo, per share. Honeywell Flour Mills followed with a gain 8.68 per cent to close at N2.63, while Mutual Benefits Assurance rose 8.00 per cent to close at 27 kobo, per share.
NEM Insurance went up by 4.71 per cent to close at N4.00, while Champion Breweries appreciated by 2.90 per cent to close at N3.90, per share. On the other hand, FTN Cocoa processors led the losers’ chart by 9.09 per cent to close at 30 kobo, per share.
Lasaco Assurance followed with a decline of 8.65 per cent to close at 95 kobo, while Wapic Insurance shed 7.32 per cent to close at 38 kobo, per share.
ETI lost 5.66 per cent to close at N10.00, while NGXGroup shed 4.62 per cent to close at N19.60, per share.
Also, the total volume traded declined by 7.18 per cent to 122.736 million shares, worth N1.301 billion, and traded in 3,915 deals.
Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 18.428 million shares valued at N4.976 million.
Transnational Corporation of Nigeria (Transcorp) followed with 9.231 million shares worth N9.718 million, while Guaranty Trust Holding Company (GTCO) traded 8.576 million shares valued at N173.741 million.
Sterling Bank traded 7.938 million shares valued at N11.909 million, while Access Holdings transacted 7.866 million shares worth N65.416 million.