Selloffs in tier-one stocks push equity market downward

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By Olawunmi Ashafa

Lagos, Sept. 14, 2022 The equity market slipped on Monday due to selloffs in tier-one stocks.

Consequently, market capitalisation shed N27.87 billion, representing 0.10 per cent, to close at N26.740 trillion compared with N26.768 trillion recorded on Tuesday.

The All Shares Index (ASI) also lost 51.79 basis points or 0.10 per cent to close at 49,575.93 as against the 49,627.72 posted on Tuesday.

The market’s weak performance was due selloffs in the shares of Zenith Bank and United Bank for Africa(UBA).

Analyst at Vetiva Dealing and Brokage said, “Outside of the structured deals, market activity remained low as investors stay on the sidelines given the current macro-economic conditions.

“Barring any significant positive close in any of the heavyweights, we are likely to see another bearish close tomorrow.”

Market breadth also closed negative as 18 stocks declined, while 14 appreciated.

FTN Cocoa Processors topped the losers’ chart, shedding 3k to close at 29k per share.

Chams trailed also with a loss of 3k to close at 30k, while WAPIC declined by2 k to close at 36k per share.

Cutix was down by 11k to close at N2.15, while AIICO lost 2k to close at 55k per share.

On the other hand, Regency Alliance Insurance led the gainers’ table, gaining 2k to close at 27k per share.

ABC Transports followed with a gain of 2k to close at 30k, while JapaulGold added 1k to close at 28k per share.

Livestock Feeds appreciated by 4k to close at N1.15 and Honeywell Flour Mills rose by 7k to close at N2.40 per share.

Analysis of the market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions increasing by 97.76 per cent.

A total of 197.46 million shares valued at N2.94 billion were exchanged in 3,462 deals compared with the 160.24 million units valued at N1.488 billion and exchanged in 3,847 deals.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 87.14 million shares valued at N50 million.

Zenith Bank followed with 18.25 million shares worth N360.26 million, while Guaranty Trust Holding Company(GTCO) traded 9.48 million shares valued at N187.39 million.

Conerstone Insurance traded 9.36 million shares valued at N57.04 million, while Sterling Bank transacted 7.79 million shares worth N11.7 million.