Yesterday, the Nigerian equities market concluded on a negative trajectory as selloffs in Julius Berger Plc and 23 other stocks led to a loss of N168 billion.

Equities Market
Equities Market

The All-Share Index (ASI) witnessed a decline of 0.28 percent, shedding 296.50 points to close at 104,256.81 points. Additionally, market capitalization dropped by N168 billion, closing at N58.948 trillion.

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The downturn was primarily influenced by price depreciations in large and medium-capitalized stocks, including Julius Berger, FBN Holdings (FBNH), Vitafoam Nigeria, Berger Paints, and Transnational Corporation (Transcorp).

Analysts at Afrinvest Limited expressed anticipation of continued bearish performance in the market due to the absence of positive triggers.

As measured by investor sentiment, market breadth closed positively with 29 stocks advancing and 24 declining. NEM Insurance and CWG emerged as the highest price gainers, each recording a 10 percent increase to close at N8.80 and N6.05 respectively, while Juli followed closely with a gain of 9.98 percent to close at N6.50 per share.

International Energy Insurance and Thomas Wyatt Nigeria also experienced notable increases, rising by 9.85 percent and 9.55 percent respectively.

On the flip side, Secure Electronic Technology and The Initiates Plc (TIP) led the losers’ chart, each recording a 10 percent decline to close at 54 kobo and N2.16 respectively.

FBNH followed with a decline of 9.90 percent, Vitafoam Nigeria lost 9.88 percent, and Berger Paints depreciated by 9.80 percent.

Total volume traded marginally decreased by 2.73 percent to 298.652 million units, valued at N6.841 billion, across 8,248 deals. FBNH, UBA, and Access Holdings were among the most actively traded stocks.

In other market developments, Access Holdings Plc announced its subsidiary, Access Bank Plc’s agreement with Kenyan-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited. This strategic move aims to bolster the bank’s African expansion strategy.

Furthermore, PZ Cussons Plc revealed that the Securities and Exchange Commission (SEC) declined its request for majority shareholder, PZ Cussons (Holdings) Limited’s intention to acquire shares held by minority shareholders at an offer price of N23 per share.