Finance

Stock Market Sheds N16bn

Stock Market Sheds N16bn

Nigerian equities, yesterday, opened the week, extending its losing streak for the seventh consecutive session as investors’ investment declined by N16 billion.

The All-Share Index (ASI) decreased by 29.35 absolute points, representing a dip of 0.05 per cent to close at 54,886.04 points. Similarly, the market capitalisation lost N16 billion to close at N29.900 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Holdings, Nigerian Breweries, Chemical & Allied Products (CAP), Multiverse Mining and Exploration and FCMB Group.

Looking ahead, United Capital Plc said: “we expect risk-on sentiments to return to the equities markets as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1, 2023.

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“Taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season remains the choice strategy. However, we see room for extended profit-taking activities.”

Meanwhile, market breadth, which is measured by market sentiment, was positive, as 19 stocks gained relative to 14 losers. Access Holdings recorded the highest price gain of 7.14 per cent to close at N9.00, per share. Cutix followed with a gain of 5.69 per cent to close at N2.23, while University Press appreciated by 5.53 per cent to close at N2.10, per share.

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Custodian Investment went up by 5.17 per cent to close at N6.10, while Chams Holding Company appreciated by 4.17 per cent to close at 25 kobo, per share.

On the other hand, Ikeja Hotel led the losers’ chart by 9.52 per cent to close at N1.14, per share. Wapic Insurance   followed with a decline of 9.52 per cent to close at 38 kobo, while Stanbic IBTC Holdings went down by 8.52 to close at N36.50, per share.

Multiverse Mining and Exploration lost 5.80 per cent to close at N3.25, while Livestock Feeds shed 5.50 per cent to close at N1.03, per share.

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The total volume traded went up by 646.50 per cent to 1.172 billion units, valued at N2.877 billion, and exchanged in 3,066 deals.

Transactions in the shares of Neimeth Pharmaceutical topped the activity chart with 1.069 billion shares valued at N1.581 billion. United Bank for Africa (UBA) followed with 15.964 million shares worth N128.784 million, while Access Holdings traded 13.033 million shares valued at N114.365 million.

Transnational Corporation (Transcorp) traded 11.770 million shares valued at N15.257 million, while Zenith Bank transacted 9.861 million shares worth N243.759 million.

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