Equity market records further losses, indices down 0.07%

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By Olawunmi Ashafa

Lagos, Aug. 30, 2022 The equity market extended losses on Tuesday as the market capitalisation dropped by 0.07 per cent to close at N26.776 trillion from the 26.794 trillion on Monday.

Similarly, the All-Share Index dipped further by 34.06 points or 0.07 per cent to 49,642.69 from 49.676.75 recorded on Monday.

The negative performance was due to selloffs in stocks of MTN Nigeria and Tier-One banks, which included Guaranty Trust Holding Company (GTCO) and Access Holdings.

Analysts at GTI Research said, “Sell pressure persists extending the bearish trend, as investors continue to react to prevailing sovereign risk and interest rate environment.

“We expect the trend to continue till the end of the week.”

Overall there were 13 gainers and 13 losers, with E-Tranzact International leading the gainers’ chart with 9.65 per cent to close at N2.50 per share.

Sovereign Trust Insurance followed with a rise of 7.69 per cent to close at 28k, while Vitafoam Nigeria gained 7.27 per cent to close at N23.60 per share.

Also, Japaul Gold and Ventures rose by 6.45 per cent to close 33k per share. Consolidated Hallmark appreciated by 4.84 per cent to close at 65k.

Conversely, Courteville Business Solutions led the losers’ chat with a depreciation of 7.69 per cent to close at 0.48 per share.

FCMB Group declined by 4.06 per cent to close at N3.07, while UPDC went down by 3.77 per cent to close at N1.02 per share.

Nigerian Aviation Handling Company (NAHCO) fell by 3.72 per cent to close at N5.70 per share.

Also, Cadbury lost by 2.99 per cent to close at N13.00 per share.

Analysis of today’s activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 44.32 per cent.

A total of 125.95 million shares valued at N3.07 billion were exchanged in 4.145 deals.

Mutual Benefits Assurance recorded the highest volume of 25.34 million shares traded worth N8.24 million.

Fidelity Bank followed, having sold 10.23 million shares valued at N31.07 million.

Access Holdings traded 8.99 million shares worth N73.68 million, while FBN Holdings sold 7.71 million shares amounting to N84.39 million.

Also, MTN Nigeria sold 7.27 million shares worth 1.45 billion