Nigerian equity market sustains downtrend

The bearish trend in the Nigerian equity market continued on Monday with the market indicators depreciating further by 0.13 per cent.

The market capitalisation dropped by N37.01 billion or 0.13 per cent to close at N28.525 trillion against N28.562 trillion on Friday.

Also, the All-Share Index declined by 28.45 points or 0.13 per cent to close at 52, 911.51 compared with 52,979.96 achieved on Friday.

A breakdown of the price movement chart shows that Conoil recorded the highest gain to lead the gainers’ chart with 9.95 per cent to close at N34.25 per share.

MRS Oil trailed by 9.93 per cent to close at N14.95 while McNichols Consolidated Plc rose by 9.86 per cent to close at N2.34 per share.

Academy Press also rose by 9.76 per cent to close at N1.35, while NPF Microfinance Bank inched up by 8.02 per cent to close at N2.02 per share.

On the other hand, Presco led the losers’ chart, dropping by 10 per cent to close at N6l180 per share.

Global Spectrum Energy Services Plc lost by 9.97 per cent to close at N3.07, while Neimeth dipped by 9.66 per cent to close at N1.59 per share.

UACN dropped by 8.33 per cent to close at N13.20, while NEM Insurance dipped by 7.74 per cent to close at N4.05 per share.

In all, a total of 436.57 million shares valued at N3.22 billion were exchanged by investors in 4,716 deals.

This was in contrast with a turnover of 173.75 million shares worth N2.13 billion traded in 3,646 deals on Friday.

Jaiz Bank was the toast of investors, accounting for 114.01 million shares valued at N101.75 billion.

Guaranty Trust Holding Company (GTCo) came second with 12.87 million shares worth N302.84 million, while Transcorp sold 12.81 million shares valued at N16.73 million.

AccessCorp accounted for 11.66 million shares worth N115.66 million, while Zenith Bank transacted 10.77 million shares valued at N207.02 million. (NAN)