Stock Open October On N262bn Loss

The Nigerian equities market extended its bearish trend into Friday, with the overall capitalization declining N262 billion.

The All-Share Index (ASI) lost 403.40 points, representing a decline of 0.16 per cent to close at 250,808.27 points. Also, market capitalisation declined by N262 billion to close at N 162.843 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Nigerian Exchange Group, First Holdco, PZ Cussons Nigeria, Zichis Agro Allied Industries and Unilever Nigeria.

Investor sentiment was balanced as 26 gainers were matched by 26 losers. AIICO Insurance and Trans-Nationwide Express emerged the highest price gainer of 10 per cent each to close at N4.18 and N2.97 respectively, while Livestock Feeds followed with a gain of 9.88 per cent to close at N8.90, per share.

LivingTrust Mortgage Bank increased by 9.87 per cent to close at N3.45, while ABC Transport up by 9.63 per cent to close at N7.40, per share.

On the other side, PZ Cussons Nigeria led the losers’ chart with 9.91 per cent to close at N66.40, per share. eTranzact International followed with a decline of 9.84 per cent to close at N11.00, while Zichis Agro Allied Industries lost 8.29 per cent to close at N18.25, per share.

FTN Cocoa Processor depreciated by 8.19 per cent to close at N7.62, while Royal Exchange down by 7.83 per cent to close at N1.06, per share.

Trading activity was divided, as volume and turnover plunged 46.19 per cent and 48.60 per cent to 557.15 million shares and N27.57 billion respectively, while deal count expanded 20.20 per cent to 53,450 transactions.

Looking ahead, Cowry Assets Management Limited said the market is anticipated to resume its upward trajectory driven by strong buying appetite, though potential profit-taking could moderate the pace of any rally.