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Nigerian Equity Market Suffers N164bn Loss, hitting its 52-week low

The Nigerian equity market lost 450.91 points, representing a decline of 1.29 per cent to close at 34,618.43 points, resulting in a year-to-date loss of 9.48 per cent. in the same vein, market capitalisation declined by N164 billion to close at N12.639 trillion, thus hitting its 52-week low.

The Industrial Goods Index dropped by 2.11 percent, followed by the Banking Index which plunged by -0.81 percent, and Consumer Goods Index which declined by -0.12 percent.  The following losses in Dangote Cement (-3.74 percent), UBA (-6.18 percent), and Honeywell Flour Mill (-7.65 percent) shares, respectively contributed significantly to the drop recorded in the indices.

Market breadth remained negative with 17 gainers led by Equity Assurance (+10.00 percent) and 29 losers led by AIRSERVICE (-10.00 percent). Equity Assurance recorded the highest price gain of 10 per cent, to close at 22 kobo per share. Portland Paints & Products Nigeria followed with a gain of 9.78 per cent to close at N2.47, while Linkage Assurance appreciated by 8.82 per cent to close at 74 kobo per share. Oando appreciated by 8.79 per cent  to close at N4.95, while AXA Mansard gained 6.30 per cent to close at N2.53 per share. Airline Services and Logistics led the losers’ chart by 10 per cent closing at N4.05 per share while Neimeth followed with a loss of 9.59 per cent closing at 66 kobo.

However, total volume and value of trades rose by 13.49 percent and 6.47 percent to 237.81 million units and N3.09 billion in 3,162 deals

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