Equities Value Slides by N101billion

Aggregate market value of all quoted equities slid by N101 billion from the week’s opening value of N8.940 trillion to close at N8.839 trillion.

Most equities with price changes ended on the negative side. There were 20 gainers against 41 losers last week as against 39 gainers recorded against 22 losers in the previous week.

The benchmark indices at the NSE showed widespread underlying selling sentiments, in spite of earnings reports by many companies during the week.

The All Share Index (ASI)- the value-based index that tracks prices of quoted equities, dropped by 1.13 per cent to close the week at 25,694.79 points as against its week’s opening index of 25,988.40 points.

Oando recorded the highest percentage decline during the week, dropping by 25.23 per cent to close at N4. Ecobank Transnational Incorporated dropped by 20.28 per cent to close at N14.35. Access Bank declined by 10.63 to close at N3.95. Honeywell Flour Mills lost 10 per cent to close at N1.62 while Ikeja Hotel dropped by 9.62 per cent to close at N2.35 per share.

On the positive side, Conoil led the contrarian stocks with a gain of 21.38 per cent to close at N20.10. United Bank for Africa followed with a gain of 9.59 per cent to close at N3.77 while Law Union and Rock Insurance rose by 9.38 per cent to close at 70 kobo per share.