Equities Market Bucks Gain As ASI Down By N19bn

The All Share Index decreased by 35.72 absolute points, representing a dip of 0.08 per cent to close at 44,011.22 points. Similarly, the market capitalisation lost N19 billion to close at N23.972 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, United Capital, Zenith Bank, Dangote Sugar Refinery and Lafarge Africa. Analysts at Afrinvest Limited said: “in the final trading session for the week, we anticipate the bearish performance would be sustained in the absence of any positive catalyst.”

Also, market breadth closed negative, with 21 losers versus 13 gainers. Unilever Nigeria recorded the highest price gain of 10 per cent to close at N11.00, per share. Stanbic IBTC Holdings followed with a gain 9.09 per cent to close at N30.00, while University Press appreciated by 8.93 per cent to close at N1.83, per share.Sovereign Trust Insurance went up by 8.33 per cent to close at 26 kobo, while Royal Exchange appreciated by 6.85 per cent to close at 78 kobo, per share.

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