The Nigerian equities market has depreciated by N467.02 billion in three-day as investors profit-taking rock mid-small capitalised companies.
Specifically, the market capitalisation closed on Thursday at N58.653 trillion, a decline of N467.02 billion or 0.79 per cent from N59.121 trillion it opened for trading this week.
The equities market depreciated the most on Thursday, dropping by N251.74 billion to close at N58.65trillion.
As a result, the benchmark All Share Index (NGX ASI) fell by 0.79 percent or 825.98 basis points in three days to close at 103,736.08 basis points from 104,562.06 basis points the equities market opened for trading this week.
Analysts at United Capital Plc said “We expect bargain-hunting activities to continue, with the recent release of a flurry of full-year 2023 audited financial statements, and corporate actions.
“We expect a sustained southward trend of short-term rates in the fixed income market to motivate further bullish sentiments toward equity investments at different intervals.”
As measured by market breadth, market sentiment was negative, as 23 stocks gained relative to 26 losers. Morison Industries recorded the highest price gain of 9.84 per cent to close at N2.12, per share. SCOA Nigeria Computer followed with a gain of 9.77 per cent to close at N2.36, while International Energy Insurance rose by 9.72 per cent to close at N1.58, per share.
NEM Insurance went up by 9.50 per cent to close at N9.80, while The Initiates Plc (TIP) appreciated by 8.70 per cent to close at N2.50, per share.
On the other hand, C&I Leasing led the losers’ chart by 9.79 per cent, to close at N3.50, per share. Mutual Benefit Assurance followed with a decline of 8.57 per cent to close at 64 kobo, while Tantalizer declined by 7.89 per cent to close at 35 kobo, per share.
Unity Bank depreciated by 7.39 per cent to close at N2.13 and Jaiz Bank declined by 7.23 per cent to close at N2.18, per share.
The total volume traded increased by 20.42 per cent to 487.728 million units, valued at N51.640 billion, and exchanged in 8,908 deals. Transactions in the shares of Zenith Bank topped the activity chart with 161.684 million shares valued at N7.028 billion.
GTCO followed with 54.356 million shares worth N2.729 billion, while UBA traded 47.823 million shares valued at N1.30 billion.
Access Holdings traded 40.881 million shares valued at N950.436 million, while Transnational Corporations (Transcorp) sold 28.350 million shares worth N387.009 million.
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