Equity market dips by N127bn

The Nigerian equities market on Thursday reversed its three-day bullish streak due to profit-taking, mainly in stocks of Airtel Africa.

Accordingly, investors gained N127 billion or 0.52 per cent as market capitalisation went down to N24.306 trillion from N 24.433 trillion the previous day.

Accordingly, the All-Share Index (ASI) declined by 234.6 points or 0.52 per cent to 44,625.18 from 44.859.78 recorded on Wednesday.

Consequently, the Year-to-Date (YTD) gain moderately to 4.5 per cent.

The market sentiment was positive as 11 stocks gained relative to nine losers.

Regent Alliance Insurance led the gainers’ chart in percentage terms by 8.7 per cent each to close at 25k per share.

Sovereign Trust Insurance followed with eight per cent to close at 27k, while Japaul Gold and Ventures was up by 7.41, per cent to close at 29k, per share.

Conerstone Insurance rose by 4.17 per cent to close at 50k, while UACN gained 4.07 per cent to close at N8.95, per share.

On the other hand, Phamadeko led the losers’ chart in percentage terms by 9.76 per cent to close at N1.85 per share.

Linkage Assurance followed with a decline of 9.3 per cent to close at 39k, while WAPIC Insurance lost 8.33 per cent to close at 33k per share.

ABC Transport dropped by 7.41 per cent to close at 25k, while AIICO shed 3.45 per cent to close at 56k per share.

The total volume traded decreased by 22 per cent to 153.52 million units valued at N2.22 billion exchanged in 4,041 deals.

The total volume traded increased by 61.4 per cent to 150.97 million units, valued at 1.55 billion, and exchanged in 2,905 deals.