Equity market witnesses 0.18% dip, investors lose N104bn

Investors in the Nigerian Exchange stock market on Tuesday further lost N104 billion or 0.18 per cent, as the market capitalisation which opened at N58.879 trillion, closed at N58.775 trillion.

Similarly, the All-Share Index shed 0.18 per cent to settle at 103,952.47, as against 104,136.35 recorded on Monday.

Consequently, the Year-To-Date (YTD) return slipped to 39.02.per cent.

Selloffs in MTN Nigeria, FBN Holdings and Access Corporation, alongside International Breweries, Transnational Corporation and Nestle Nigeria, among others, further pulled the market down.

However, the market breadth closed positive with 27 gainers and 24 losers on the trading floor.

On the gainers’ chart, Abbey Mortgage Bank Plc led by 10 per cent to close at N2.42 per share.

Consolidated Hallmark Insurance Plc followed by 9.92 per cent to close at N1.44 per share.

Juli Plc gained 9.80 per cent to close at N8.63, May and Baker rose by 9.69 per cent to close at N6, while International Energy Insurance added 9.63 per cent to close at N1.48 per share.

Conversely, UPDC Real Estate Investment Trust led the losers’ chart by 9.87 per cent to close at N1.37, United Capital Plc trailed by 8.75 per cent to close at N21.90 per share.

Sovereign Trust Insurance shed 8.33 per cent to close at 44k, FTN Cocoa Processors dropped eight per cent to close at N1.61 and Livestock Feed Plc declined by 7.82 per cent to close at N1.65 per share.

Meanwhile, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 0.81 per cent.

Compared to 306.82 billion shares valued at N11.38 billion exchanged in 9,343 deals traded in the previous session, investors exchanged a total of 374.41 billion shares valued at N11.29 billion in 8,689 deals.

On the activity chart, Guaranty Trust Holding Company (GTCO) led in volume and value with 67.15 million shares worth N3.27 billion, United Bank of Africa (UBA) followed by 51.47 million shares valued at N1.37 billion.

Zenith Bank sold 42.44 million shares worth N1.71 billion,Access Corporation traded 33.32 million shares worth N808.28 million and Fidelity Bank transacted 30.02 million shares worth N300.27 million.