Transactions on the equities sector of the capital market reopened the week on a downturn, amid sell-off in MTNN, tier-one banks as market capitalisation fell by N437 billion.
At the close of transactions yesterday, market capitalisation of listed equities declined by 0.76 per cent to N56.721 trillion from N57.158 trillion reported the previous day. Similarly, the all-share index also depreciated by 761.42 basis points to 103659.81 points from 104421.23 recorded on Friday.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are MTNN, PZ Cussons, Transcorp, GTCO, Fidelity Bank, AccessCorp, Jaiz Bank, Abbey, Wema Bank, African Prudential, Mansard and FCMB.
On the price movement chart, five companies: May and Baker, Cornerstone Insurance, Cadbury, Daar Communications and Meyer Paint gained 10 per cent each to close at N6.93 kobo, N2.09 kobo, N22, 77 kobo and 4.73 kobo.
Sovereign Insurance followed with 9.80 per cent to close at 56 kobo. Ella Lakes appreciated by 9.71 per cent to close at N3.73 kobo. Royal Exchange gained 9.33 per cent to close at 82 kobo. Deap Capital also added 8.96 per cent to close at 73 kobo.
On the contrary, Abbey Building Society recorded the highest loss at the close of the transaction on Monday, declining by 9.7 per cent to close at N2.70 kobo while Livestock Feeds trailed with a loss of 9.66 per cent to close at N1.87 kobo.
Fidelity Bank was down by 9.37 per cent to close at N11.60 kobo, Jaiz Bank dipped by 7.93 per cent to close at N2.67 kobo, MTNN depreciated by 5.52 per cent to close at N274. TransNational Corporation of Nigeria 4.22 per cent closed at N14.75 kobo.
PZ Cussons depreciated by 3.98 per cent to close at N34.95 kobo. AccessCorp shed 3.70 kobo to close at N26. Guinea Insurance also dropped 3.45 per cent to close at 56 kobo.
Volume of activities declined by 101.957 million representing 10.81 per cent as investors traded 841.551 million shares valued at N19.327 billion in 13674 deals against 943.508 million shares costing N23.475 billion in 11572 deals.
Transactions in the shares of FBN Holdings PLC led market activities with 332.296 million shares valued at N8.954 billion, Transnational Corporation of Nigeria followed with an account of 49.968 million shares worth N812.132 million.
Oando Plc traded 43.506 million shares at N637.132 million, United Bank for Africa exchanged 34.731 million shares valued at N951.326 million while Nigerian Breweries traded 29.747 million shares at N1.133 billion.
