Equities investors lose N150bn as ASI dips by 0.20%

The Nigerian equities market opens the month of July bearish, extending its downward trend as the All-Share Index (ASI) of equites on the Nigerian Exchange Limited (NGX) shed 0.20 percent to close at 119,941.23 basis points.

This modest decline wiped off approximately N150 billion in market capitalization, bringing the total value of listed equities to N75.8 trillion.

Despite a largely positive market breadth, the negative close was driven by sustained sell pressure in high-cap stocks, notably Ticker: Dangote Cement, Dangote Sugar, Zenith Bank and others.

The market breadth closed positive, recording 46 gainers and 23 losers.

McNicholas, RTBriscoe, Honeywell Flour Mills and Mutual Benefits Assurance topped the advancers’ chart for the day with a price appreciation of 10.00 percent each, trailed by Lasaco Insurance, Neimeth International Pharmaceutical, Meyer, Ellah Lakes, Caverton Offshore Support Group and thirty-seven others.

University Press Limited was the top loser, with a price depreciation of -10.00 percent.

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Other decliners include HMCall Holdings, Dangote Cement, Dangote Sugar, Zenith Bank and Guaranty Trust Holding Company with 4.76 percent, 3.41 percen, 1.78 percent, 1.58 percent, and 1.23 percent respective dip in share value.
In addition, the market sectoral performance was negative as three out of the five major market sectors dropped.

The industrial sector declined by 3.17 percent, followed by the insurance sector, which fell by 2.24 percent, and the oil & gas sector, which slumped by 1.86 percent. The consumer goods and banking sectors recorded gains of 31.60 percent and 17.99 percent, respectively.

Trading activities went south as total volume and total value of all trades executed in the Nigerian bourse reduced by 74.71 percent and 75.20 percent, respectively.

Approximately 513.92 million units of shares valued at N10,994.39 million were transacted across 21,221 deals.
In terms of volume, Ellah Lakes led the activity chart, accounting for 8.76 percent of the total volume of all trades consummated on the exchange, followed by UACN Property Development Company, Universal Insurance, Nigerian Breweries, Japaul Gold Ventures, rounding out the top five.
Nigerian Breweries emerged as the most traded stock in value terms; transactions on the company’s shares accounted for 15.51 percent of the total value of trades on the exchange.

NIGERIAN TRIBUNE