Equities market loses N276 billion on sell pressure
The Nigerian stock market opened the week on a bearish note, with investors losing N276 billion in market value.
Sell-offs in Secure Electronic Technology, May & Baker, Legend Internet, Cutix, Fortis Global Insurance and 29 other equities weighed on the market.
Market capitalisation declined by 0.21 per cent to N128.693 trillion, down from N128.969 trillion.
The All-Share Index also fell by 428.63 points, or 0.21 per cent, closing at 200,484.43, compared with 200,913.06 in the previous session.
Consequently, the year-to-date return eased to 28.84 per cent, while market breadth closed negative with 34 losers against 27 gainers.
Secure Electronic Technology topped the losers’ table, dropping 10 per cent to close at N1.17. May & Baker fell by 9.42 per cent to N38, while Legend Internet declined by 8.67 per cent to N6.85 per share.
Cutix shed 8.29 per cent to N3.21, and Fortis Global Insurance lost 7.97 per cent to close at N1.27 per share.
On the upside, Austinlaz led the gainers’ table with a 9.98 per cent increase to N4.41. Zichis Agro Allied Industries rose by 9.93 per cent to N15.16, while Transcorp Power gained 9.65 per cent to N2.84 per share.
The Initiates advanced by 9.60 per cent to N21.70, and Learn Africa added 9.41 per cent to close at N9.30 per share.
Trading activity showed mixed performance: an increase in value and the number of deals, but a decline in volume. A total of 593.3 million shares valued at N25.6 billion were traded in 60,311 deals.
This compares with 595.2 million shares worth N24.5 billion exchanged in 43,440 deals in the previous session.
Access Corporation led the activity chart with 86.64 million shares traded, while First HoldCo topped the value chart with transactions worth N4.26 billion.
(NAN)
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