Nigerian equity market extends downturn to seven trading sessions

The Nigerian equity market downtrend extended to the seven consecutive trading session on Tuesday on the back of losses by medium and large capitalised stocks such as Mobil Nigeria, Dangote Cement, MTN Nigeria, Nigerian Breweries and Dangote Sugar Refinery.

The All Share Index (ASI) dropped 222.36 points, representing a loss of 0.73 per cent to close at 30,099.83.

The market capitalisation shed N98 billion, representing 0.73 per cent decline to close at N13.256 trillion.

Analysts at Cordros Capital Limited noted,“In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.
“However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”
Sovereign Trust Insurance led the losers’ chart dropping by eight per cent, to close at 23k per share.
Japaul Oil and Maritime Services shed 7.41 per cent to close at 25k, while Dangote Sugar depreciated by 4.35 per cent to close at N11per share.
Mobil Nigeria declined by 3.82 per cent to close at N163.50, while Sterling Bank was down by 3.28 per cent to close at N2.36 per share.
Conversely, Unilever Nigeria recorded the highest gain to leading the gainers’ chart with a gain of 8.22 per cent, to close at N30.95 per share.
Associated Bus Company gained 7.14 per cent to close at 30k, while Jaiz Bank appreciated by 4.35 per cent to close at 48k per share.
Wapic Insurance appreciated by 2.50 per cent to close at 41k, while NEM Insurance went up by 2.44 per cent to close at N2.10 per share.
The total volume traded depreciated by 5.64 per cent with an exchange of 233.45 million shares worth N3.52 billion traded in 3,169 deals.
This was in contrast with 247.39 million shares valued at N3.48 billion in 3,434 deals on Monday.
Transactions in the shares of Wapic Insurance topped the activity chart with 50.3 million shares worth N20.13 million.
Zenith Bank came second with 28.16 million shares worth N566.47 million, while Courteville Business Solutions traded 25.18 million shares valued at N5.04 million.
Access Bank transacted 25.1 million shares worth N157.26 million, while Sterling Bank accounted for 21.09 million shares worth N49.62 million. (NAN)