The Nigerian equities market closed on negative note yesterday following losses suffered by banking stocks. The market, which had recovered from a two-day fall the previous day, declined Thursday with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) shedding 0.13 per cent to close at 27,646.15. The market capitalisation shed N42.7 billion to close at N13.4 trillion.
Although more stocks recorded gains as against price losers, depreciation suffered by banking stocks such as Guaranty Trust Bank Plc, Zenith Bank Plc, Access Bank Plc, Unity Bank Plc, and Sterling Bank Plc made the market to close bearishly. However, University Press Plc led the price losers’ table with 8.7 per cent, trailed by Neimeth International Pharmaceuticals Plc with 8.3 per cent. Cutix Plc shed 7.7 per cent, just as ABC Transport Plc went down by 7.6 per cent. Chams Plc, Law Union & Rock Insurance Plc and May & Baker Nigeria Plc lost 7.6 per cent, 5.1 per cent and 4.3 per cent respectively among others.
On the positive side, Consolidated Hallmark Insurance Plc led the price gainers with 10 per cent, followed by UAC of Nigeria Plc with 9.9 per cent. Linkage Assurance Plc appreciated by 9.8 per cent, just as Continental Reinsurance Plc chalked up 9.7 per cent.
PZ Cussons Nigeria Plc, Jaiz Bank Plc and Dangote Sugar Refinery Plc garnered 9.3 per cent, 7.6 per cent and 7.6 per cent in that order among others.
Meanwhile, activity level declined as volume and value traded fell by 35.2 per cent and 68.7 per cent to 245.4 million units and N1.7 billion respectively. The most active stocks by volume were FBN Holdings Plc (71.5 million shares), Sterling Bank (61.4 million shares) and United Bank for Africa Plc (12.9 million) while FBN Holdings Plc (N390.1 million), GTBank N268.9 million ) and MTN Nigeria Communications Plc (N162.3 million) led by value.
The NSE Banking sector was the only lone loser, decling by 1.5 per cent. On the other hand, price appreciation in NEM Insurance Plc, Linkage Assurance Plc and CHI Plc lifted the NSE Insurance Index by 2.9 per cent to lead the sectoral gainers’ chart.
The NSE Consumer Goods Index rose 0.6 per cent, while the NSE Industrial Goods Index and NSE Oil & Gas Index appreciated by 0.1 per cent respectively.