Nigeria Business & Finance Updates

Equities Market Sheds N44bn in Four Days on Continuing Bear Run

Profit taking by investors in since last Monday trading resumed for the new month has depressed the market equities market by N44 billion as the market capitalisation fell from N13.033 trillion to N12.989 trillion. Similarly, the Nigerian Stock Exchange (NSE) All-Share Index fell 0.33 per cent from 27,002.15 to 26,913.70.

Thursday accounted for 0.09 per cent of the losses as 19 stocks declined compared to eight that appreciated. Some of the bellwethers that made up the losers were Access Bank Plc, FBN Holding Plc and Guaranty Trust Bank Plc.

However, Cornerstone Insurance Plc and Medview Airline Plc led the price losers’ table with 10 per cent apiece. Arbico Plc trailed with 4.7 per cent, while Fidson Healthcare Plc went down by 9.3 per cent. Deap Capital Management Plc and RT Briscoe Nigeria Plc shed 8.7 per cent, just as AXA Mansard Insurance Plc and Law Union and Rock Insurance Plc dipped by 8.3 per cent and 7.6 per cent in that order.

WAPIC Insurance Plc, which is currently shopping for more funds in the market went down by 7.6 per cent. The insurance company is currently in the market raising additional capital from existing shareholders. Specifically, WAPIC Insurance Plc is making a rights issue of 15.613 billion ordinary shares of 50 kobo each at 38 kobo to raise about N5.9 billion.

The fresh capital is expected to enable WAPIC Insurance to comply with the new capital requirements stipulated by the National Insurance Commission (NAICOM).

Other top price losers included: Courtville Business Solutions Plc(7.4 per cent); Jaiz Bank Plc (5.7 per cent); Wema Bank Plc (2.8 per cent); Access Bank Plc (2.6 per cent); FBN Holdings Plc (2.2 per cent);Sterling Bank Plc (1.0 per cent).

Also Read:  Renewed interests in low price stocks buoy indices, pare losses

On the positive side, Chams Plc led the price gainers with 9.0 per cent, trailed by Union Diagnostic and Clinical Services Plc with 8.3 per cent. Dangote Sugar Refinery Plc chalked up 8.0 per cent. UAC of Nigeria Plc garnered 8.0 per cent, just as Cutix Plc and United Capital Plc 4.0 per cent and 2.0 per cent respectively.

Sectorally, the NSE Insurance Index led the decliners with 2.5 per cent, followed by the NSE Banking Index that shed 0.70 per cent. The NSE Oil & Gas Index went down by 0.03 per cent.

On the positive side, the NSE Consumer Goods Index and NSE Industrial Goods Index garnered 3.8 per cent and 0.01 per cent in that order.

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