Nigerian equity market starts new month in downturn, declines 1.64%

Stockbrokers at the floor of the Nigerian Stock Market

Activities on the Nigerian equity market began the week on a bearish note as sell pressure reigned across the five sectors.  The downturn was majorly driven by a number of factors including unimpressive dividend declaration and litigation against two of the major bellwethers.  Consequently, Market breadth closed negative, recording 12 gainers against 18 losers.

The All Share Index (ASI) shed 509.73 absolute points, representing a decline of 1.64%, to close at 30,531.69 points. The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; DANGFLOUR (-9.80%), CCNN (-9.80%), OANDO (-9.73%), WEMABANK (-9.09%), NESTLE (-8.23%), NB (-5.62%),  UACN (-3.75%) FBNH  (-2.44%) and GUARANTY (-0.14%)

However, Market Capitalization decreased by N149.69 billion representing a dip of 1.28%, to close at N11.67 trillion as a result of additional listing of 6,617,253,991 ordinary shares of Access Bank Plc at 50 Kobo each. This resulted from the Scheme of Merger between Access Bank Plc and Diamond Bank Plc. With the listing of the additional 6,617,253,991 ordinary shares arising from the Scheme, the total issued and fully paid up shares of Access Bank Plc has increase from 28,927,971,631 ordinary shares to 35,545,225,622 ordinary shares at 50 Kobo each.

MCNICHOLS emerged the top gainer while UNIONDAC emerged as the top loser. (GTI)