Bears Devour Local Equities by 0.57% as Market Loses N118bn

March 31, 2021
Equities Market bearish bullish

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) depreciated by 0.57 per cent on Tuesday, no thanks to profit-takers, who strengthened the bears and caused the market to lose N188 billion.

Sell-offs in industrial goods and insurance stocks left their respective sectors closing 1.90 per cent and 0.16 per cent lower. They overpowered the gains recorded by the banking (0.94) and consumer goods (0.07) sectors as the energy counter closed flat.

At the close of transactions, the All-Share Index (ASI) went down by 226.26 points to 39,267.11 points from 39,493.37 points, while the market capitalisation reduced by N118 billion to N20.545 trillion from N20.663 trillion.

Regency Alliance Insurance was the worst-performing stocks yesterday as its shares lost 9.09 per cent to settle at 30 kobo and was trailed by Prestige Assurance, which declined by 8.89 per cent to 41 kobo.

Daar Communications depreciated by 8.00 per cent to 23 kobo, Ecobank fell by 4.72 per cent to N5.05, while Sovereign Trust Insurance depleted by 4.17 per cent to trade at 23 kobo.

The best-performing equity of the day was Livestock Feeds, which rose by 9.66 per cent to N1.93 and was followed by Courtville, which gained 9.09 per cent to close at 24 kobo.

Cornerstone Insurance grew by 9.09 per cent to 60 kobo, NPF Microfinance Bank appreciated by 8.33 per cent to N1.95, while Royal Exchange improved by b7.69 per cent to 28 kobo.

Business Post reports that at the close of transactions, the market breadth closed positive with 22 price gainers and 13 price losers.

On the activity chart, the trading volume depreciated by 35.63 per cent to 336.1 million units from 522.2 million units, the trading value went down by 69.31 per cent to N3.3 billion from N10.7 billion, while the number of deals declined by 3.77 per cent to 4,394 deals from 4,566 deals.

Union Bank was the most traded stock with the sale of 78.9 million units valued at N418.1 million, followed by Courtville, which transacted 43.9 million units worth N10.5 million.

Also at the market yesterday, GTBank traded 29.0 million shares for N955.1 million, Zenith Bank exchanged 24.9 million stocks worth N560.5 million, while Transcorp sold 22.6 million equities for N18.0 million.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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