Financial services sector leads equities market fall



The Nigerian equities market yesterday reversed the previous day’s positive sentiment to record a decline of 0.13 per cent as sell pressure by speculators heightened in quest of profit taking.


This was majorly impacted by sell down on financial services stocks.


Conversely, market breadth closed positively, recording 23 gainers as against 16 losers.


Consequently, the All-Share Index dipped 35.46 basis points or 0.13 per cent to close at 27,646.15 index points as against 27.681.61 recorded the previous day while market capitalisation of equities depreciated by N17 billion from N13.475 trillion the previous day to N13.458 trillion as market sentiment remained on the negative territory.


Meanwhile, a turnover of 245.4 million shares exchanged in 3,450 deals was recorded in the day’s trading.


The premium sub-sector was the most active (measured by turnover volume); with 108.million shares exchanged by investors in 1,427 deals.


Volume in the sub-sector was largely driven by activities in the shares of FBNH Plc and UBA Plc.


Also, the banking sub-sector boosted by  activities in the shares of Sterling Bank Plc and GTBbank Plc followed with a turnover of76.9 million shares in 431 deals.


Further analysis of the day’s trading showed that in percentage terms, CHI Plc topped the day’s gainers’ table with 10 per cent to close at 33 kobo per share while UACN Plc followed with 9.93 per cent to close at N7.75 per share.


Linkage Assurance Plc added 9.80 per cent to close at 56 kobo per share.


On the flip side, UPL Plc led the losers with a drop of 8.70 per cent to close at N1.05 per share while Neimeth Pharmaceuticals Plc shed 8.33 per cent to close at 44 kobo per share. Cutix Plc trailed with 7.79 per cent to close at N1.42 per share.









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