Investors lose N91bn as MC Nichols, Lasaco, John Holt drag Nigerian equities market lower

Investors in the Nigerian equities market lost N91 billion at the close of trading on Tuesday following declines in the share prices of MC Nichols, Lasaco Assurance, and John Holt Plc, among others.

The benchmark All-Share Index (ASI) dipped to 155,353.2 points from 155,496.15 points recorded the previous day, while the equity capitalization decreased to N98.60 trillion from N98.69 trillion posted on Monday.

Market sentiment remained weak, with 36 stocks declining, 28 gaining, and 83 remaining unchanged across 32,430 deals. 

A total of 525.4 million units of shares valued at N25.3 billion were traded during the session.

On the gainers’ chart, Sovereign Insurance, Aso Savings & Loans, and Berger Paints led with 9.88 per cent, 9.72 per cent, and 9.25 per cent growth, closing at N4.45, N0.79, and N42.50 per share, respectively.

Conversely, MC Nichols dropped 8.81% to close at N3.00, while Lasaco Assurance and John Holt Plc declined by 8.62 per cent and 7.69 per cent, ending at N2.65 and N6.00 per share, respectively.

In terms of activity, Sovereign Insurance topped the volume chart with 42 million shares traded in 209 deals, followed by Fidelity Bank Plc with 41 million shares in 659 deals and First HoldCo with 37 million shares in 520 deals.

On the value chart, Dangote Cement led with N4.5 billion worth of shares exchanged in 426 deals, trailed by Stanbic IBTC with N3.0 billion in 257 deals and Aradel Holding with N2.7 billion in 1,862 deals.