Airtel Africa, Flour Mills, others down equities market by 0.61%

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By Olabode Jegede

Airlet Africa Plc, Flour Mills of Nigeria, and others on Tuesday, down equities market of the Nigerian Stock Exchange (NSE) as the All Share Index (ASI) dropped by 0.16 per cent.

The ASI dropped by 167.28 basis points, representing a decline of 0.16 per cent from 27,574.32 basis points at which it opened for trading to close trading at 27,407.04 basis points yesterday.

The market capitalisation shed N81.43 billion or 0.61 per cent to close at N13,342 trillion from N13.423 trillion it opened for trading on Tuesday.

Conversely, market breadth closed positively, recording 22 gainers as against 15 losers while Year-to-Date (YTD) loss worsened to 12.8 per cent.

Analysts at Afrinvest Limited said, “In line with our expectations, we believe the bearish momentum will persist due to weak investors’ appetite toward the domestic equities market.”

Meanwhile, Activity level declined as volume and value traded fell by 26.2 per cent and 0.20 per cent to 198.03 million shares and N2.9 billion respectively.

The most active stocks by volume were Access Bank (57.8 million units), Zenith Bank (20 million units) and Sterling Bank (10.4 million units) while MTN Nigeria (N974.4 million), Access Bank (N434.2 million) and Zenith Bank (N382.2 million) were the top stocks by value traded.

Airtel Africa led the losers’ chart, declining by 10 per cent to close at N283.50 per share. UACN Property Development Company followed with a drop of 9.55 per cent to close at N1.42, while NCR Nigeria lost 9.09 per cent to close at N4.50 per share.

Courteville Business Solution dipped 8.70 per cent to close at 21 kobo, while Continental Reinsurance shed 6.67 per cent to close at N1.40 per share.

On the other hand, NEM Insurance recorded the highest price gain of 9.47 per cent to close at N2.14 per share. Livestock Feeds came second with 9.52 per cent to close at 46 kobo, while PZ Cussons Nigeria appreciated by 9.32 per cent to close at N6.45 per share.

Cornerstone Insurance went up by 9.09 per cent to close at 36 kobo, while Chams appreciated by 8.33 per cent to close at 26 kobo per share.

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