Equities Market Sustains Downturn, Dips N304bn

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As the new week unfolds on Monday, the equities market continued its downward trajectory, with share prices continuing to decline amidst prevailing bearish market sentiment.

The Nigerian Exchange Limited All-Share Index (NGX ASI) shed 537.44 basis points or 0.53 per cent to close at 101,777.12 basis points. Also, market capitalisation dipped by N304 billion to close at N57.561 trillion.

The equities market dropped by N633 billion Week-on-Week (WoW) last week on investors’ profit-taking note, as the market opened for two trading days amid the federal government declaration of April 9 to 11, 2024 as public holidays to commemorate the Eid al-Fitr celebration.

For trading on Monday, the equities market breadth closed negative, as 10 stocks gained relative to 32 losers. UPDC emerged the highest price gainer of 10 per cent to close at N1.43, per share.

Morison Industries followed with a gain of 9.77 per cent to close at N2.81, while NEM Insurance up by 8.90 per cent to close at N10.40 per share.

DAAR Communication rose by 7.69 per cent to close at 70 Kobo, while Oando appreciated by 6.77 per cent to close at N13.40 per share.

On the other side, Fidelity Bank led others on the losers’ chart with 10 per cent to close at N9.00, per share. Jaiz Bank followed with a decline of 9.69 per cent to close at N2.05, while RT Briscoe declined by 8.47 per cent to close at 54 Kobo, per share.

GTCO lost 7.73 per cent to close at N38.20, while Universal Insurance depreciated by 7.69 per cent to close at 36 kobo, per share.

The total volume traded decreased by 55.50 per cent to 326.640 million units, valued at N7.169 billion, and exchanged in 10,777 deals. Transactions in the shares of UBA led the activity with 42.254 million shares worth N1.109 billion. Transcorp followed with account of 27.562 million shares valued at N396.168 million, while Access Holdings traded 24.62 million shares valued at N465.806 million.

Oando traded 22.662 million shares worth N307.711 million, while Fidelity Bank traded 17.534 million shares worth N161.258 million.

This week, United Capital Plc said “we expect bearish sentiments amongst investors to persist in the local equities market given the attractive returns offered in the fixed-income market. The impact of the high yields in the fixed-income market will continue to drive sell-offs as investors switch their asset classes to less risky assets.”

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