In a continuation of bearish sentiment, the local equities market yesterday witnessed a decline of N58 billion.
Also, the July headline inflation increased by 129bps (when compared with the previous month) to 24.08 per cent. The significant uptick in headline inflation can be attributed to spikes in the prices of PMS on the back of the subsidy removal as well as the forex liberalization policy.
The All-Share Index declined by 107.39 per cent, representing a loss of 0.17 per cent, to close at 64,928.98 points. Similarly, the overall market capitalisation value shed N58 billion to close at N35.357 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle Nigeria, Eterna, Dangote Sugar Refinery, Unilever Nigeria and UAC of Nigeria (UACN).
As measured by market breadth, market sentiment was negative, as 31 stocks lost relative to 19 gainers. Learn Africa recorded the highest price gain of 10 per cent to close at 44 kobo, per share. Ikeja Hotel followed with a gain of 9.82 per cent to close at N3.13 and Cornerstone Insurance up by 9.30 per cent to close at N1.41, per share.
The Initiates Plc (TIP) appreciated by 8.82 per cent to close at N1.11, while Linkage Assurance rose by 8.33 per cent to close at 91 kobo, per share. On the other hand, Eterna led the losers’ chart by 9.86 per cent to close at N16.00, per share. SUNU Assurance followed with a decline of 9.62 per cent to close at 94 kobo, while Omatek Ventures lost 8.11 per cent to close at 34 kobo, per share.
Unilever Nigeria down by 7.05 per cent to close at N14.50, while AIICO Insurance declined by 5.63 per cent to close at 67 kobo, per share. The total volume traded advanced by 8.3 per cent to 280.47 million units, valued at N4.65 billion, and exchanged in 6,296 deals.
Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 36.469 million shares valued at N147.502 million. United Bank for Africa (UBA) followed with 23.242 million shares worth N325.417 million, while Access Holdings traded 17.667 million shares valued at N299.366 million.
Sterling Financial Holdings Company traded 15.974 million shares valued at N57.499 million, while Japaul Gold & Ventures transacted 11.399 million shares worth N11.015 million.
