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Business News of Wednesday, 14 September 2022


Equities reopen negative as indices slip by N38 billion

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The Nigerian equities market reversed gains to reopen on a downturn yesterday, occasioned by losses in Betaglass and NEM, as market capitalisation declined by N38 billion.

Precisely, the All-Share Index (ASI) decreased by 69.41 absolute points, representing a dip of 0.14 per cent to close at 49,625.71 points. Similarly, the overall market capitalisation size shed N38 billion to close at N26.767 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Lafarge Africa, NEM Insurance, FBN Holdings (FBNH) and Fidelity Bank.

United Capital Plc said: “Looking ahead, we expect market activity to remain quiet, as investors would stay on the sidelines following the continued hike in Nigerian Treasury Bills (NT-Bills) stop rates.”

As measured by market breadth, market sentiment closed at par, recording both 13 gainers and losers. Multiverse Mining and Exploration recorded the highest price gain of 9.32 per cent to close at N2.58, per share. FTN Cocoa processors followed with a gain 6.67 per cent to close at 32 kobo, while Chams Plc appreciated by 6.45 per cent to close at 33 kobo.

Academy Press went up by 4.76 per cent to close at N2.20, while Regency Alliance Insurance rose by 4.17 per cent to close at 25 kobo, per share.

Sterling Bank gained 2.04 per cent to close at N1.50 kobo. AIICO added 1.79 per cent to close at 57 kobo. Mansard appreciated by 1.12 per cent to close at N1.80 kobo. TransNational Corporation of Nigeria garnered 93 per cent to close at N1.08 kobo. Nigerian Aviation Handling Company added 89 per cent to close at N5.65 kobo.

On the other hand, Beta Glass led the losers’ chart by 9.96 per cent, to close at N46.10, per share. NEM Insurance followed with a decline of 7.96 per cent to close at N5.20, while Japaul Gold & Ventures fell by 6.90 per cent to close at 27 kobo, per share.

Fidelity Bank went down by 6.58 to close at N3.41, while FCMB Group shed 5.71 per cent to close at N3.30 kobo. NPF Microfinance Bank lost 4.38 per cent to close at N1.53 kobo. FBN Holdings shed 3.30 per cent to close at N10.25 kobo. Lafarge WAPCO depreciated by 2.81 per cent to close at N24.20 kobo. Livestock dropped 1.69 per cent to close at N1.16 kobo. Jaiz Bank also declined by N1.18 kobo to close 84 kobo.

Meanwhile, the total volume traded declined by 72.86 per cent to 86.594 million units valued at N1.170 billion and exchanged in 3,377 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 19.471 million shares valued at N385.589 million.

Sterling Bank followed with 6.213 million shares worth N9.351 million, while Zenith Bank traded 5.915 million shares valued at N118.676 million.

Fidelity Bank traded 5.829 million shares valued at N20.022 million, while Chams transacted 5.634 million shares worth N1.868 million.