Equities market drops by N282bn 

The Nigerian equities market on Thursday extended its losses for the fourth consecutive session as investors’ profit-taking activities on Nestle Nigeria and 27 others drove the market lower.

The All Share Index (ASI) decreased by 521.41 absolute points, representing a dip of 1.04 per cent to close at 49,667.14 points. Similarly, the market capitalisation lost N282 billion  to close at N26.783 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Nestle Nigeria, Stanbic IBTC Holding, Cadbury Nigeria, Zenith Bank and Lafarge Africa.

On market outlook, GTI Securities Limited said, “sell pressure persists extending the bearish trend, as investors continue to react to prevailing sovereign risk and interest rate environment. We expect the trend till the end of the week.”

As measured by market breadth, market sentiment was negative as 28 stocks lost relative to 10 gainers. Real Estate Investment Trust (UPDCReit)  recorded the highest price gain of 9.23 per cent to close at N3.55, per share. R.T. Briscoe Nigeria followed with a gain 8.57 per cent to close at 38 kobo, while Chams  appreciated  by 8.33 per cent to close at 26 kobo, per share.

Custodian Investment went up by 7.94 per cent to close at N6.80, while Livestock Feeds appreciated by 4.35 per cent  to close at N1.20,  per share. On the other hand, Lasaco Assurance led the losers’ chart by 10 per cent to close at 90 kobo, per share. Stanbic IBTC Holdings followed with a decline of 9.94 per cent to close at N28.40, while Cadbury Nigeria went down by 9.94 to close at N15.40, per share.

Nestle Nigeria lost 9.84 per cent to close at N1,262.30, while AXA Mansard Insurance shed 9.47 per cent to close at N1.172, per share.

Meanwhile, the total volume traded declined by 75.1 per cent to 206.217 million units, valued at N3.921 billion, and exchanged in 5,053 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 38.529 so million shares valued at N39.011 million. Zenith Bank followed with 16.935 million shares worth N333.742 million, while Chams traded 13.586 million shares valued at N3.327 million.

Guaranty Trust Holding Company (GTCO) traded 12.682 million shares valued at N244.837 million, while United Bank for Africa (UBA) transacted 12.565 million shares worth N86.873 million.