Friday, August 12Inside Business Africa

Stock market ends rally with N49 billion plunge

Following price losses suffered by most blue-chip stocks, the Nigerian equities market reopened on a downturn yesterday, as market capitalisation lost N49billion in value.

Specifically, at the close of transactions, Monday, the All-Share Index (ASI) shed 94.57 absolute points, or 0.39 per cent to close at 23,950.83 points.

Similarly, the overall market capitalisation dipped by N49billion to close at N12.482trillion.

The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Chemical and Allied Products (CAP), Guaranty Trust Bank, Union Bank of Nigeria (UBN), Zenith Bank, and Honeywell Flour Mill.

Analysts at United Capital Plc predicted that the matrix behind the reopening of the world economy and the performance of crude oil prices would influence the direction of the local equity market.

It added that with a number of the first quarter (Q1), 2020 results still expected, investors are likely to take a position in select stocks with positive results.

However, the market breadth closed positive, recording 14 gainers against 12 losers. Unilever Nigeria recorded the highest price gain of 10 per cent to close at N11.55 per share.

McNichols Plc followed with 9.52 per cent to close at 46 kobo, while Jaiz Bank rose 9.09 per cent to close at 60 kobo, per share.

Eterna edged up 7.87 per cent to close at N2.33, and C&I Leasing 6.67 per cent to close at N4.80, per share.

On the other hand, CAP led the losers’ chart by 9.83 per cent to close at N20.65 per share.

Wapic Insurance followed with 9.09 per cent to close at 30 kobo, and UACN Property Development Company shed 8.70 per cent to close at 84 kobo, per share.

Union Bank of Nigeria (UBN) went down 8.57 per cent to close at N6.40, while Honeywell Flour Mill shed 8.41 per cent to close at 98 kobo, per share.

Also, the total volume of trades fell 0.64 per cent to 207.249 million units, valued at N1.776billion, exchanged in 4,460 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 44.114 million shares valued at N207.574million.

Guaranty Trust Bank followed with 27.690 million shares worth N585.021million, and Regency Alliance Insurance traded 20.691 million shares at N4.139million.

Aiico Insurance traded 14.445 million shares valued at N13.301million, while Zenith Bank transacted 12.266 million shares worth N185.312million.

Source: Guardian

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