Equity market down by N125bn as sell-offs persist

Equity market down by N125bn as sell-offs persist

The stock market closed trading activities on Monday on a negative note as sell-offs returned and making the market capitalisation decreased by N125.45 billion.

The N125.45 billion difference made the market to close at N27.23 trillion from N27.36 trillion posted on Friday and represented 0.46 per cent decrease.

Sell-offs in all the industrial and consumer goods sector led to the decrease in the market.

The All-Share Index (ASI) dropped by 0.46 per cent to close at 50,489.73 points from 50,722.33 points recorded on Friday.

Consequently, this indicates a year-date-date return of 18.20 per cent. 

Japaul Gold and Ventures led the gainers with 8.82 per cent to close 37k per share.

This is followed by Honeywell Flour Mill with 5.73 per cent to close at N2.95 per share, while Cornerstone Insurance Company gained by 5.63 per cent to close at 75k per share.

Also, Lasaco Assurance appreciated by 5.38 per cent to close at 98k per share and UCAP rose by 4.49 per cent to close at N12.80 per share.

On the other hand, RT Briscoe was last with a decline of 10 per cent  to close at 36k per share.

Industrial & Medical Gases followed with 9.84 per cent to close at N8.25 per share.

Skyway Aviation Handling Company and Ellah Lakes fell by 9.6 per cent each to close at N5.65 and N3.58 per share, respectively 

Also, Caverton declined by 1.09 per cent to close at N6.84 per shares.

FBN Holdings recorded the highest volume of 74.6 million shares sold at 820.15 million

Multiverse Mining & Exploration followed with N20.5 million shares traded at N38.53 million

Access Holdings transacted 12.3 million share worth N111.16 while AIICO Insurance sold 11.6 million shares valued at N219.15.

Zenith Bank sold 10.23 million share worth N35.99 million

The market turnover increased to N2.12 billion from N1.93 billion posted on Friday. 

The market breadth was negative as 10 stocks advanced and 15 declined.

Also, First Bank of Nigeria Holding (FBNH) recorded the highest volume of trade and the highest value of trade for the day.