Equities market reverse gains, reopen on a downturn

Following the losses in Betaglass and NEM, the Nigerian equities market reversed gains to reopen on a downturn yesterday.

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This also meant that market capitalisation declined by N38 billion. The All-Share Index (ASI) decreased by 69.41 absolute points, representing a dip of 0.14 per cent to close at 49,625.71 points.

In the same vein, the overall market capitalisation size shed N38 billion to close at N26.767 trillion.

Losses recorded in the medium and large capitalised stocks had affected the downturn. These capitalised stocks include NEM Insurance, Lafarge Africa, Fidelity Bank, FBN Holdings (FBNH), and Beta Glass.

Determined by market breadth, market sentiment closed at par. Meanwhile, Mining and Exploration recorded the biggest gain of 9.32 per cent to close at N2.58, per share.

Also, FTN Cocoa processors had a gain of 6.67 per cent to close at 32 kobo. Chams Plc increased by 6.45 per cent to close at 33 kobo.

Academy Press appreciated by 4.76 per cent to close at N2.20. Interestingly, Regency Alliance Insurance increased by 4.17 per cent to close at 25 kobo, per share.

Sterling Bank also rose by 2.04 per cent to close at N1.50 kobo. TransNational Corporation of Nigeria (TCN) amassed 93 per cent to close at N1.08 kobo.

However, Beta Glass led the losers’ chart by 9.96 per cent, to close at N46.10, per share. NEM Insurance followed with a decrease of 7.96 per cent to close at N5.20.

Likewise, Japaul Gold & Ventures fell by 6.90 per cent to close at 27 kobo, per share.

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Fidelity Bank declined by 6.58 to close at N3.41, while FCMB Group shed 5.71 per cent to close at N3.30 kobo. Livestock decreased by 1.69 per cent to close at N1.16 kobo.

What was the total volume traded?

Meanwhile, the total volume traded depreciated by 72.86 per cent to 86.594 million units valued at N1.170 billion. This was exchanged in 3,377 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 19.471 million shares. These shares were valued at N385.589 million.

Following GTCO is Sterling Bank with 6.213 million shares worth N9.351 million. Zenith Bank traded 5.915 million shares valued at N118.676 million.