GTCO, Oando, others further cause equity market downtrend, N108bn loss
By Esther Agbo
The Nigerian equities market has again seen a bearish performance maintaining its downtrend since the week as Oando and 24 others led the local bourse to a southward close with a decline of N108 billion.
The All-Share Index (ASI) lost 190.41 points, representing a decline of 0.195 percent to close at 97,199.60 points. Also, market capitalisation declined further by N108 billion to close at N55.188 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are, Guaranty Trust Holding Company (GTCO), Oando, Nigerian Breweries., United Capital and Custodian.
As measured by market breadth, market sentiment was positive, as 22 stocks gained relative to 25 losers.
Guinea Insurance gained 10.00 percent to close at N0.44, while SFS Real Estate Investment Trust followed with a gain of 9.96 percent to close at N111.50, per share.
R.T. Briscoe Nigeria and Honeywell Flour Mill PLC gained 9.87 percent each to close at N1.67 and N4.12 respectively, NSI Technology increased by 7.14 percent to close at N0.45.
On the looser side, Oando led the losers’ chart with 9.95 percent to close at N36.20, per share. Cutix Plc followed with a decline of 9.92 percent to close at N5.36, while Academy Press shed 8.70 percent to close at N2.73, per share.
Japaul Gold and Ventures Plc depreciated by 7.89 percent to close at N2.10, while Red Star Express Plc, was down by 6.98 percent to close at N4.00, per share.
The total volume traded gained 47.38 percent to 315.302 million units, valued at N5.480 billion, and exchanged in 8,365 deals.
Transactions in the shares of Veritas Kapital Assurance led the activity with 38.419 million shares worth N48.596 million. Guaranty Trust Holding Company (GTCO), followed with an account of 36.329 million shares valued at N1.654 billion, while Universal Insurance Plc traded 23.195 million shares valued at N7.028 million.
Oando traded 22.074 million shares worth N805.109 million, while FBN Holdings Plc traded 20.283 million shares worth N454.887 million.
