By Philemon Adedeji
Nigerian equities yesterday opened the week extending its losing streak for the fifth consecutive session as investors’ investment depreciated by N313 billion.
The All Share Index (ASI) decreased by 579.39 absolute points, representing a dip of 1.11 per cent to close at 51,400.53 points. Similarly, the market capitalisation lost N313 billion to close at N27.718 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are MTN Nigeria Communications (MTNN), United Capital, United Bank for Africa (UBA), FBN Holdings (FBNH) and Cutix Plc.
United Capital Plc said, “This week, we expect the impact of the increased benchmark lending rate on equity markets to continue to take effect, namely a bear market. Nevertheless, investors are expected to continue stock-picking in anticipation of the H1, 2022 earnings season.”
The market breadth closed negative with 17 stocks decline and 13 gainers.
On the gainers chart, Chemical Allied Products (CAP), FTN Cocoa processors and Nigerian Aviation Handling Company (NAHCO) recorded the highest price gain of 10 per cent to close at N18.70, 33 kobo and N6.05, per share respectively.
Multiverse Mining and Exploration followed with a gain 7.89 per cent to close at N2.05, while Unity Bank appreciated by 7.14 per cent to close at 45 kobo, per share.
On the other hand, MTNN led the losers’ chart by 6.99 per cent, to close at N213.00, per share. United Capital followed with a decline of 5.51 per cent to close at N12.00 per share, while Cutix went down by 5.46 to close at N2.25, per share.
R.T. Briscoe Nigeria lost five per cent to close at 38 kobo, while Sovereign Trust Insurance shed 3.70 per cent to close at 26 kobo, per share.
The total volume traded depreciated by 51.79 per cent to 98.852 million shares, worth N2.515 billion, and exchanged in 4,314 deals.
Transactions in the shares of UBA topped the activity chart with 15.851 million shares valued at N114.231 million. Zenith Bank followed with 12.270 million shares worth N262.248 million, while Transnational Corporation of Nigeria (Transcorp) traded 5.433 million shares valued at N6.193 million.
Guaranty Trust Holding Company (GTCO) traded 5.097 million shares valued at N105.719 million, while Dangote Sugar Refinery transacted 4.177 million shares worth N66.833 million.