Aradel, GTCO, Oando, others drag equity market down by N127bn

The equity market extended its losses on Thursday as the market capitalisation dropped by N127 billion, or 0.21 percent, from N59.559 trillion to close at N59.432 trillion.

Similarly, the All-Share Index declined by 0.21 percent, losing 210.2 points to close at 98,081.38, compared to 98,291.53 recorded on Wednesday.

As a result, the year-to-date return decreased to 31.17 percent.

Profit-taking in Aradel Holdings, Guaranty Trust Holding Company (GTCO), Oando, United Capital and UACN, among other declining stocks, drove the market into negative territory.

However, market breadth remained positive, with 29 gainers and 16 losers.

On the gainers’ table, Gold Breweries led by 10 percent to close at N3.74, Deap Capital Management and Trust Plc followed by 9.85 percent to close at N1.45 per share.

Transnational Power gained N29.20 percent to close at N330.90, Jaiz Bank added 8.64 percent to close at N2.39, while Transcorp Hotels rose by 7.78 percent to close at N97 per share.

Conversely, Aradel led the losers’ table  by 10 percent to close at N694.80,while Regency Alliance Insurance trailed by 8.82 percent to close at 62k per share.

Daar Communications also went down by 6.78 percent to close at 55k, UACN dropped 6.70 percent to close at N20.20, and Oando decreased by 5.82 percent to close at N76 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down 28.74 percent.

A total of 239.31 million shares valued at N6.41 billion were exchanged in 7,318 deals, compared to 257.55  million shares valued at N9 billion traded by investors in 7,776 deals, recorded in the previous session.

Meanwhile, Sterling Nigeria led the activity table in volume with 42.79 million shares, while Aradel led in value with deals worth N1.04 billion.