Eterna, Equity Assurance, Others Lead Stock Market’s N140bn Loss

By Nse Anthony-Uko
(Sundiata Post) — The bears strengthened its hold on the trading floor of the Nigerian Stock Exchange (NSE), to close negative for the first trading day this week causing market capitalisation to plunge further by N140 billion led by Eterna, Equity Assurance by percentage.
In summary, the All Share Index (ASI) shed 390.03 absolute points, representing a decline of 0.90 per cent to close at 42,737.89 points. Similarly, the market capitalisation shed N140 billion, to close at N15.337 trillion.
Eterna led the losers’ chart by 9.67 per cent, to close at N5.42 per share. Equity Assurance followed with a decline of 8.33 per cent to close at 44 kobo, while Aiico Insurance declined by 8.22 per cent to close at 67 kobo per share per share.
Consolidated Hallmark Insurance depreciated by 5.71 per cent to close at 33 kobo, while FBN Holdings shed five per cent to close at N11.40 per share. Total volume traded depreciated by 6.33 per cent to 517.44 million shares, worth N5.19 billion, and traded in 5,852 deals.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Nigerian Breweries, Guaranty Trust Bank, Wapco, Zenith Bank and Flourmill Nigeria.
Analysts at GTI Capital Limited said that “we may likely see a reversal in the market this week due to the fact that the correction of last week has provided a buying opportunity window to investors, especially, the fund managers. “We will equally see an extension of volatility as investors reshuffles their portfolios in order to align with full-year 2017 earnings.”
Similarly, market breadth closed negative, with 13 gainers versus 36 losers. PZ Industries recorded the highest price gain of 5.83 per cent, to close at N25.40, per share. Beta Glass followed with a gain of 4.97 per cent to close at N68.70, while Glaxosmith appreciated by 4.95 per cent to close at N21.20 per share.
Unity Bank appreciated by 4.92 per cent to close at N1.92, while UAC of Nigeria rose by 4.18 per cent to close at N17.45, per share. On the other hand,
Transactions in the shares of Skye Bank topped the activity chart with 73.15 million shares valued at N79.16 million. FBN Holdings followed with 71.34 million shares worth N815.73 million, while Jaiz Bank traded 40.57 million shares valued at N42.39 million. Transcorp traded 40.48 million shares valued at N84.1 million, while FCMB Holdings sold 26.22 million shares worth N71.33 million.

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