Equities market suffers N279bn loss
By Esther Agbo
Nigeria’s equities market continued its negative trend on Tuesday by 0.50 percent, representing about N279 billion loss as investors sold stocks like Nestle Nigeria and 28 others laggards on the Lagos Bourse.
The All-Share Index (ASI) lost 490.93 points, representing a decline of 0.50 percent to close at 97,390.01 points. Also, market capitalisation declined by N279 billion to close at N55.296 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are, Nestle Nigeria, BUA Cement, Oando, Zenith Bank and United Bank for Africa (UBA).
As measured by market breadth, market sentiment was positive, as 26 stocks gained relative to eight losers.
MeCure Healthcare Limited emerged the highest price gainer of 9.98 percent to close at N9.37, NEIMETH International Pharmaceuticals PLC gained 9.90 percent to close at N2.11, while Champion Breweries followed with a gain of 9.75 percent to close at N3.04, per share.
University Press PLC increased by 9.63 percent to close at N2.39, while R.T. Briscoe Nigeria added 9.35 percent to close at N1.52, per share.
On the other hand, Oando led the losers’ chart with 9.97 percent to close at N40.20, per share. Livestock Feeds Plc followed with a decline of 8.10 percent to close at N2.27, while Cornerstone Insurance PLC shed 7.66 percent to close at N2.17, per share.
Linkage Assurance PLC depreciated by 7.61 percent to close at N0.85, while Sovereign Trust Insurance PLC declined by 7.41 percent to close at N0.50, per share.
The total volume traded was 599.246 million units, valued at N13.916 billion, and exchanged in 11,237 deals.
Transactions in the shares of Guaranty Trust Holding Company PLC led the activity with 71.998 million shares worth N3.279 billion.
Japaul Gold and Ventures Plc followed with an account of 69.621 million shares valued at N156.880 million, while Access Corporation traded 66.302 million shares valued at N1.286 billion.
Veritas Kapital Assurance traded 60.848 million shares worth N78.210 million, while Oando traded 41.083 million shares worth N1.809 billion.
