Nigerian equities market sheds N2.39tn in July opening

The Nigerian equities market resumed its bearish trend to open trading activities for the month of July, as sustained selling pressure weighed on investor sentiment. The All-Share Index lost 3,729.11 points, representing a decline of 1.63 per cent to close at 225,690.07 points. Similarly, market capitalisation shed N2.393tn to close at N144.825tn. The decline was driven by price depreciation in large and medium-capitalised stocks, including Aradel Holdings, Dangote Cement, NASCON Allied Industries, Zenith Bank, and Guaranty Trust Holding Company. Market breadth remained negative, with 28 gainers against 33 decliners. Austin Laz & Company emerged as the highest price gainer with a 10 per cent appreciation to close at N3.30 per share. Guinea Insurance followed with a gain of 9.89 per cent to close at N1.00, while Abbey Mortgage Bank advanced 9.66 per cent to close at N7.95 per share. Daar Communications appreciated 9.60 per cent to close at N1.37, while Regency Alliance Insurance rose 9.52 per cent to close at 92 kobo. Related News Stakeholders seek fresh bidding for $243m pipeline stake 7,942 oil service permits, 49 licences granted in Q1 — Report Shipowners hopeful as CVFF enters implementation phase On the losers’ chart, McNichols, Neimeth International Pharmaceuticals, and Aradel Holdings led to 10 per cent each to close at N7.65, N8.10, and N1,275.80 per share, respectively. NASCON Allied Industries followed with a decline of 9.98 per cent to close at N197.60, while International Breweries shed 9.52 per cent to close at N9.50 per share. Meanwhile, the total volume traded declined 54.7 per cent to 437.60 million units, valued at N12.73bn, exchanged in 45,068 deals. Transactions in the shares of Sterling Financial Holdings Company led the activity chart with 124.618 million shares worth N980.635m. UPDC followed with 40.091 million shares valued at N130.365m, while Access Holdings traded 36.844 million shares valued at N811.552m. Honeywell Flour Mills traded 33.775 million shares worth N490.085m, while United Capital traded 28.347 million shares worth N469.144m. Jide Ajia Jide, a seasoned journalist with over 12-year experience, reports business-related stories