Equity market starts week with N57bn loss

The market saw declines due to price drops in Zenith Bank (-0.75 per cent), Stanbic IBTC Holdings (-7.08 per cent), NB (-2.50 per cent), AccessCorp (-0.58 per cent), Fidelity Bank (-0.57 per cent), and 10 other stocks. This kept the ASI in negative terrain.

Market activity for the day decreased, with value and volume traded dropping by 27.77 per cent and 18.83 per cent to reach N4.36tn and 358.45 million units, respectively.

Market breadth, which measures investors’ sentiments, was positive with 36 gainers and 15 losers.

The gainers’ chart was dominated by MeCure Industries, Multiverse, ABC Transport, C&I Leasing, and Northern Nigerian Flour Mills, each closing with gains ranging from 9.83 per cent to 9.95 per cent.

The total number of losers reduced to 15, led by RT Briscoe, Prestige, Stanbic IBTC, Computer Warehouse Group, and Caverton.

The volume and value drivers of the day’s trend were the stocks of AccessCorp, AIICO, Zenith Bank, Geregu Power, VFD Group, and Airtel Africa.