Equities Market Begins October Trading In Red, Down 1.14%

LAGOS – The Nigerian yesterday closed the first trading day in the month of October on a negative note when it declined by 1.14 per cent amid bearish momentum as ’ sentiment remained lukewarm.

The All Share Index decreased by 315.69 basis points, representing a dip of 0.14 per cent to close at 27,314.87 points as the market capitalisation lost N153 billion to close at N13.297 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Total Nigeria, Nigerian Breweries, Guaranty Trust Bank and MRS Oil Nigeria.

Analysts at Afrinvest Limited maintained its bearish stance for the market, although the current low prices of stocks present opportunities for bargain hunting.

Market breadth closed negative, with 11 gainers versus 24 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent to close at 44 kobo per share. Continental Reinsurance followed with a gain 9.66 per cent to close at N2.27, while Associated Bus Company rose by 8.82 per cent to close at 37 kobo per share.

Wapic went up by 5.88 per cent to close at 36 kobo, while Honeywell Flour Mills appreciated by 5.26 per cent to close at N1.00 per share.

On the other hand, Fidson Healthcare led the losers’ chart by 10 per cent to close at N4.05 per share. Africa Prudential followed with a decline of 9.97 per cent to close at N3.52, while Ecobank Transnational Incorporated (ETI) went down by 9.94 to close at N7.25 per share.

MRS Oil Nigeria lost 9.84 per cent to close at N16.95, while Conoil shed 9.82 per cent to close at N15.15 per share.

The total volume traded declined by 9.8 per cent to 175.78 million shares, worth N2.57 billion and traded in 3,539 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 25.29 million shares valued at N684.18 million. Transnational Corporation of Nigeria (Transcorp) followed with 20.76 million shares worth N21.18 million, while NASCON Allied Industries traded 20.01 million shares valued at N274.08 million.

FBN Holdings traded 17.39 million shares valued at N94.28 million, while Access Bank transacted 10.61 million shares worth N80.17 million.

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