Nigerian equities yesterday opened the week negative as the market extended losses for the fourth consecutive session.
The All-Share Index (ASI) decreased by 35.21 absolute points, representing a dip of 0.07 per cent to close at 49,440.21 points. Similarly, the overall market capitalisation size shed N19 billion to close at N26.667 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, University Press, AXA Mansard Insurance, United Capital and Guaranty Trust Holding Company (GTCO).
Looking ahead, United Capital Plc expected that “the local bourse to remain in a lull in anticipation of the upcoming Monetary Policy Committee (MPC) meeting scheduled on the 26th and 27th of September.
“We recommend that investors and fund managers continue to cherry-pick stocks with solid underlying fundamentals amid an overall bearish-dominated bourse.”
The market breadth was flat, as 11 stocks advanced and 11 stocks declined. e-Tranzact International recorded the highest price gain of 9.97 per cent to close at N3.20, per share. Academy Press followed with a gain 9.52 per cent to close at N1.84, while Vitafoam Nigeria up by 5.00 per cent to close at N21.00, per share.
Honeywell Flour Mill went up by 3.36 per cent to close at N2.46, while Cornerstone Insurance rose by 3.33 per cent to close at 62 kobo, per share.
On the other hand, Associated Bus Company led the losers’ chart by 10.00 per cent, to close at 27 kobo, per share. University Press followed with a decline of 9.44 per cent to close at N1.63, while Mutual Benefits Assurance fell by 6.90 per cent to close at 27 kobo, per share.
R.T. Briscoe Nigeria went down by 6.25 to close at 30 kobo, while Courteville Business Solutions shed 6.12 per cent to close at 46 kobo, per share.
Meanwhile, the total volume traded declined by 37.33 per cent to 67.369 million units valued at N1.480 billion and exchanged in 3,386 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 9.673 million shares valued at N96.557 million.
Zenith Bank followed with 9.252 million shares worth N182.385 million, while GTCO traded 6.113 million shares valued at N120.396 million.
Mutual Benefits Assurance traded 4.487 million shares valued at N1.247 million, while Sovereign Trust Insurance transacted 2.955 million shares worth N797,719.
