Bearish Start To June As Equities Market Loses N1.8trn On Profit-Taking

The Nigerian equities market opened June on a bearish note, shedding N1.811 trillion from market capitalization.

The All-Share Index (ASI) declined by 2,824.81 points, representing a loss of 1.13 per cent to close at 247,560.66 points. Accordingly, market capitalisation shed N1.811 trillion to close at N158.698 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; BUA Cement, Red Star Express, First Holdco, Oando and Zenith Bank.

On market outlook, United Capital Plc said, “the Nigerian equity market is expected to remain cautiously mixed this week, Recent sessions have been marked by profit-taking in banking names, as investors lock in gains. Investor sentiment in the week ahead will be shaped by naira stability, and the broader global risk environment.”

As measured by market breadth, market sentiment was negative, as 22 stocks gained relative to 37 losers. International Energy Insurance recorded the highest price gain of 9.96 per cent to close at N4.97, per share. Consolidated Hallmark Holdings followed with a gain of 9.92 per cent to close at N6.87, while The Initiates Plc (TIP) rose by 9.86 per cent to close at N31.20 per share.

R.T. Briscoe went up by 9.16 per cent to close at N14.90, while Ikeja Hotel appreciated by 8.71 per cent to close at N43.70, per share.

On the other hand, BUA Cement led the losers’ chart by 10 per cent, to close at N378.00, per share. Trans-Nationwide Express followed with a decline of 9.85 per cent to close at N4.76, while John Holt declined by 9.73 per cent to close at N15.30, per share.

Red Star Express depreciated by 9.71 per cent to close at N30.70 and DEAP Capital Management & Trust declined by 9.15 per cent to close at N5.16, per share.

Also, the total volume traded declined by 6.4 per cent to 1.13 billion units, valued at N44.25 billion, and exchanged in 91,741 deals. Transactions in the shares of Abbey Mortgage Bank topped the activity chart with 291.159 million shares valued at N1.806 billion. Access Holdings followed with 130.258 million shares worth N3.139 billion, while Neimeth International Pharmaceuticals traded 77.909 million shares valued at N802.149 million.

United Bank for Africa (UBA) traded 76.403 million shares valued at N3.397 billion, while TIP sold 61.276 million shares worth N1.900 billion.

المصدر: Leadership (Nigeria)