Equities Sustain Bearish Sentiment By N85bn Loss

Equities Sustain Bearish Sentiment By N85bn Loss

Losses in Skyway Aviation Handling Company Plc and 27 others pulled the Nigerian equities market lower by N85 billion, extending the negative reaction to the latest tightening of the benchmark policy rate to two trading sessions.

The All-Share Index declined by 149.98 per cent, representing a loss of 0.15 per cent, to close at 97,978.02 points. Similarly, the overall market capitalisation value lost N85 billion to close at N 55.424 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Skyway Aviation Handling Company, Guaranty Trust Holding Company (GTCO), NEM Insurance, Guinness Nigeria, and Access Holdings.

As measured by market breadth, market sentiment was negative, as 28 stocks lost relative to 17 gainers. C & I Leasing recorded the highest price gain of 9.90 per cent to close at N3.44, per share. Caverton Offshore Support Group followed with a gain of 7.69 per cent to close at N1.40, while Chams Holding Company up by 7.14 per cent to close at N1.50, per share.

Consolidated Hallmark Holdings appreciated by 6.15 per cent to close at N1.38, while Veritas Kapital Assurance Nigeria rose by 5.36 per cent to close at 59 kobo, per share.

On the other hand, Skyway Aviation Handling Company led the losers’ chart by 9.80 per cent to close at N20.70, per share. NEM Insurance followed with a decline of 9.47 per cent to close at N7.65, while FTN Cocoa processors lost 9.35 per cent to close at N1.26, per share.

Tantalizers lost 9.26 per cent to close at 49 kobo, while Japaul Gold & Ventures depreciated by 8.42 per cent to close at N1.74, per share.

The total volume traded rose by 16.47 per cent to 316.453 million units, valued at N7.700 billion, and exchanged in 7,852 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 50.316 million shares valued at N984.756 million. GTCO followed with 38.544 million shares worth N1.428 billion, while Zenith Bank traded 28.943 million shares valued at N878.761 million.

Transnational Corporation (Transcorp) traded 21.645 million shares valued at N225.985 million, while Julius Berger transacted 17.645 million shares worth N1.465 billion.

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