The domestic equities market yesterday succumbed to sell pressure as the overall market capitalization shed N639 billion, ending its six-day winning streak.
The All-Share Index (ASI) lost 1,167.46 points, representing a decline of 1.40 per cent to close at 82,024.38 points. Also, market capitalisation declined by N639 billion to close at N44.885 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA) and Nigerian Aviation Handling Company (NAHCO).
As measured by market breadth, market sentiment was negative, as 13 stocks gained relative to 62 losers. Cadbury Nigeria emerged the highest price gainer of 9.92 per cent to close at N19.95, per share. Veritas Kapital Assurance followed with a gain of 9.76 per cent to close at 45 kobo, while Linkage Assurance rose by 8.70 per cent to close at N1.50, per share.
Transcorp Hotels increased by 7.24 per cent to close at N100.00, while Prestige Assurance added 6.00 per cent to close at 53 kobo, per share.
On the other side, Chams Holding Company, Cornerstone Insurance, FTN Cocoa Processors, May & Baker, Caverton Offshore Support Group and Consolidated Hallmark Holdings led the losers’ chart with 10 per cent each to close at N2.16, N1.80, N1.98, N5.49, N2.07 and N1.35 respectively, per share.
UBA followed with a decline of 9.97 per cent to close at N29.35, while United Capital and Ikeja Hotels shed 9.95 per cent each to close at N24.90 and N8.69 respectively, per share.
Meanwhile, the total volume traded rose by 16.42 per cent to 1.641 billion units, valued at N25.3778 billion, and exchanged in 20,223 deals. Transactions in the shares of Transnational Corporations (Transcorp) led the activity with 177.639 million shares worth N1.542 billion. Access Holdings followed with 116.649 million shares valued at N3.259 billion, while Sterling Financial Holdings Company traded 116.295 million shares valued at N774.996 million.
Jaiz Bank traded 100.070 million shares worth N282.658 million, while AIICO Insurance traded 91.790 million shares worth N127.859 million.
