Equities market extends bearish run, loses N260bn

The equities market continued its bearish trend on Wednesday, following the public holiday to mark the Eid el-Maulud celebrations.

It was reported that market capitalisation shed N260 billion as renewed sell-offs hit several major stocks.

Market ​‌‌‍​‍⁠⁠‌‌⁠⁠​‍‍‌⁠‌​capitalisation declined by N260 billion, or 0.17 per cent, from N154.396 trillion to N154.136 trillion at the close of trading.

Similarly, the All-Share Index shed 402.25 points, or 0.17 per cent, to close at 238,682.92, compared with 239,085.17 recorded on Monday.

Consequently, the Year-To-Date return slipped to 53.38 per cent.

It was reported that heavy declines in Fidson, FTN Cocoa Processors, International Energy Insurance, Livestock Feeds, Omatek and 36 other stocks pushed the market into negative territory.

The market breadth also closed negatively, recording 41 losers against 17 gainers.

Fidson led the losers’ chart in percentage terms, declining by 9.99 per cent to close at N84.20 per share.

FTN Cocoa Processors followed with a loss of 9.94 per cent to close at N7.79 per share.

International Energy Insurance trailed with a decline of 9.74 per cent to close at N3.15, while Livestock Feeds shed 9.43 per cent to N7.20.
Omatek Ventures lost 9.42 per cent to close at N1.25 per share.

Conversely, Neimeth International Pharmaceutical topped the gainers’ chart in percentage terms, advancing by 9.66 per cent to close at N7.95 per share.

Nem Insurance followed with a gain of 6.67 per cent to close at N32, while Regency Alliance Insurance advanced by 6.25 per cent to 85k per share.

Linkage Assurance gained 5.62 per cent to close at N1.88, while UPDCREIT rose by 2.88 per cent to N14.30 per share.

However, further analysis of the activity chart showed improved activity across volume, value and the number of deals executed.

The total volume traded rose by 9.67 per cent, with investors exchanging 733.35 million shares valued at N34.52 billion in 49,210 transactions.

This contrasted with 668.72 million shares worth N23.83 billion exchanged in 45,894 deals on Monday.

Fortis Global Insurance recorded the highest volume of 134.01 million shares, accounting for 18.27 per cent of the day’s total volume.

First Holdco led in value, with N11.06 billion worth of shares traded, representing 32.04 per cent of the total value.