Equities Market Extends Sell-Offs, Down 0.94%

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The Nigeria equities space on Tuesday sustained the bearish momentum witnessed for the past ten trading days on the back of macro-economic headwinds and Forex volatility. Equities slid further south when key market indicators, the All-Share Index and Market Capitalisation, declined by 0.94 per cent each.

The All Share Index went down by 300.3 basis points or 0.94 percent to close at 31,327.90 points as against 31,628.20 points recorded on Monday even as market capitalisation shed N87.185 billion to close at N10.714 trillion compared with N10.801 trillion recorded the previous day.

At the close of trading on Tuesday, a total of 277.091 million shares worth N4.461 billion changed hands in 3,643 transactions as against 264.356 million shares worth N5.466 billion which changed hands in 3,048 transactions on Monday with the financial services sector accounting for a total of 217.718 million shares valued at N2.690 billion in 2,082 deals compared with 203.344 million shares valued at N3.162 billion in 1,691 deals recorded on Monday.

The banking sub-sector saw investors buying and selling a total of 175.651 million shares valued at N2.536 billion in 1,406 transactions as against 180.582 million shares valued at N3.069 billion in 1,045 transactions recorded the previous day.

Leading the laggards’ table on Tuesday was 7UP Bottling Company which dropped 800 kobo to close at N181.00 per share, followed by Presco which shed 170 kobo to close at N32.30 per share, Flour Mills of Nigeria lost 149 kobo to close at N29.20 per share, Stanbic IBTC depreciated by 95 kobo to close at N24.00 while Okomu Oil Palm lost 84 kobo to close at N27.16 per share, among others.

On the flip side, Mobil Nigeria led 8 others on the gainers’ table with a gain of 735 kobo to close at N154.50 per share, followed by Ecobank Transnational Incorporated which notched up 55 kobo to close at N21.00 per share, Caverton Group nicked 14 kobo to closed at N3.69 per share, Guinness Nigeria added 11 kobo to closed at N139.91 per share, while United Bank for Africa appreciated by 10 kobo to close at N4.30 per share, among others.

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