Nigerian Equities Market Faces Continued Decline as Valuation Drops by N150bn

The Nigerian equities market experienced its fourth consecutive day of decline yesterday, with investors witnessing a loss of N150 billion in their investments.

The All Share Index (ASI) decreased by 237.34 points, reflecting a 0.20 per cent drop to settle at 119,741.23 points. Additionally, the market capitalisation fell by N150 billion, finishing at N75.801 trillion.

This overall downturn was primarily influenced by losses in medium and large capitalised stocks, including Dangote Cement, PZ Cussons Nigeria, Guaranty Trust Holding Company (GTCO), Zenith Bank, and Dangote Sugar Refinery.

Despite this, market sentiment remained robust, indicated by a positive market breadth, with 46 gainers overshadowing 23 laggards during yesterday’s trading session.

Honeywell Flour Mills, McNichols, Mutual Benefits Assurance, and RT Briscoe all achieved the highest price increase of 10 per cent, closing at N23.65, N2.53, N1.21, and N2.75 each.

Lasaco Assurance followed closely, with a 9.96 per cent rise to finish at N2.98, while Neimeth Pharmaceutical, Meyer, and Ellah Lakes each increased by 9.95 per cent, closing at N7.18, N11.05, and N8.40 respectively.

Conversely, University Press topped the losers’ list with a 10 per cent drop to close at N5.04 per share. SCOA Nigeria followed with a 9.83 per cent decline to N4.86, while Thomas Wyatt Nigeria fell by 9.57 per cent to close at N1.70.

PZ Cussons Nigeria saw a depreciation of 7.89 per cent to finish at N35.00, while Chams Holding Company decreased by 6.38 per cent, closing at N2.20 per share.

Total trading volume plummeted by 74.06 per cent, amounting to 527.080 million units valued at N11.277 billion, across 21,546 transactions. Notably, Ellah Lakes led trading activity with 46.051 million shares worth N385.120 million, followed by UPDC with 38.510 million shares valued at N119.659 million, and Universal Insurance with 30.385 million shares worth N18.195 million.

Nigerian Breweries traded 28.905 million shares valued at N1.747 billion, while Japaul Gold & Ventures sold 21.752 million shares worth N52.198 million.