Equities market extends loosing trend, drops by 0.09% on Thursday

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The Nigerian Stock Exchange (NSE) equities market segment on Thursday extended its losing streak to five consecutive trading sessions with a decline of 0.09 per cent.

In summary, the All-Share Index (ASI) shed 24.88 absolute points, representing a decline of 0.09 per cent to close at 26,913.70 points. Similarly, the overall market capitalisation lost N12 billion, to close at N12.990 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Arbico Plc, Fidson Healthcare, Access Bank, Med-View Airline and FBN Holdings.

The chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion said that the nation’s stock market continued its decline, while mixed sentiments continued to prevail as market players traded cautiously, despite the rates and yields’ crash across other investment windows, as well as the expected seasonal market moves this December.

He said that the current undervalued state of the market offers investors opportunities to position for short and medium-to-long-term views.

Market breadth closed negative, with eight gainers versus 19 losers. Chams recorded the highest price gain of 9.09 per cent, to close at 36 kobo, per share. Union Diagnostic & Clinical Services followed with a gain 8.33 per cent to close at 26 kobo, while Dangote Sugar Refinery appreciated  by 8.03 per cent to close at N14.80, per share.

UAC of Nigeria (UACN) went up by 6.62 per cent to close at N8.05, while Cutix appreciated by 4.05 per cent to close at N1.54, per share. On the other hand, Cornerstone Insurance and Med-View Airline led the losers’ chart by 10 per cent, each to close at 63 kobo and N1.62, respectively, per share. Arbico Plc followed with a decline of 9.81 per cent to close at N4.32, while Fidson Healthcare went down by 9.33 to close at N3.40, per share.

Deap Capital Management and Trust lost 9.09 per cent to close at 40 kobo, while R.T Briscoe Nigeria shed 8.70 per cent to close at 21 kobo, per share.

However, the total volume traded rose by 83.1 per cent to 207.26 million shares, worth N2.845 billion, and traded in 3,842 deals. Transactions in the shares of UACN topped the activity chart with 40.23 million shares valued at N315.899 million. Access Bank followed with 28.29 million shares worth N260.13 million, while Guaranty Trust Bank traded 27.73 million shares valued at N837.67 million.

Zenith Bank traded 25.91 million shares valued at N484.60 million, while FBN Holdings transacted 23.77 million shares worth N159.21 million.

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