Tier 1 Banks Sell-offs Drag Equities Market Down 0.15%

LAGOS – The domestic equities market on Monday kicked off the week’s trading with a loss of N57 bil­lion driven by sell pressures on Stanbic IBTC Holdings Plc and 14 others.

As a result, the All-Share Index declined by 104.29 basis points, representing a decline of 0.15 per cent to close at 71,008.70 points. Also, market capitalisa­tion declined by N57 billion to close at N39.051 trillion.

The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are; Stanbic IBTC Holdings, Nigerian Breweries, Zenith Bank, CWG and Nigerian Exchange Group.

Market breadth closed posi­tive, as 36 stocks gained relative to 15 losers.

MeCure Industries emerged the highest price gainer of 9.95 per cent to close at N6.30, per share. Multiverse Mining and Exploration followed with a gain of 9.92 per cent to close at N3.99, while Associated Bus Company rose by 9.88 per cent to close at 89 kobo, per share.

C&I Leasing increased by 9.84 per cent to close at N5.47, while Northern Nigeria Flour Mills (NNFM) added 9.83 per cent to close at N26.25, per share.

On the other side, R.T. Briscoe Nigeria led the losers’ chart with 9.84 per cent to close at 55 kobo, per share. Prestige Assurance followed with a decline of 9.09 per cent to close at 50 kobo, while Stanbic IBTC Holdings shed 7.08 per cent to close at N65.00, per share.

Provided by SyndiGate Media Inc. (Syndigate.info).

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