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Nigeria equities market continues downward trend, loses 0.48%

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The equities market of the Nigerian Exchange Ltd., (NGX) extended its bearish trend on Thursday, causing market capitalisation to dip further by N120 billion.

Specifically, the All-Share Index (ASI) at the close of trading, declined to stand at 47,543.51 points, representing 0.48 per cent when compared to the 46,766.16 points recorded on Wednesday.

Similarly, the overall market capitalisation value lost N120 billion to close at N25.092 trillion from N25.212 trillion recorded on Wednesday.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; Veritas Kapital, EcoBank Transnational Incorporated(ETI), UACN and among others.

The market breadth was positive as 20 stocks declined relative to 16 gainers.
Conoil recorded the highest price gain of 9.89 per cent to close at N24.45 per share.

RTBriscoe followed with a gain of 9.80 per cent to close at 56k per share, while Japaul Gold rose by 9.68 per cent to close at 34k per share.

Meyer rose by 9.57 per cent to close at N1.03 while Regal Insurance gained 9.09 per cent to close at 36k per share.

On the other hand, Veritas Kapital led the losers’ chart by 8.70 per cent to close at 21k per share.

UACN and Transcoholt depreciated by 7.49 per cent and 6.78 per cent each to close at N10.50 and N4.95 per share, respectively.

UPDCreit followed with a decline of 2.94 per cent to close at N3.30 per share while ETI lost 2.92 per cent to close at N11.65 per share.

The total volume of stocks traded was 244.042 million units, valued N2.350 billion, and exchanged in 4,710 deals.

Transactions in the shares of Fidelity Bank topped the volume chart with 44.43 million shares valued at N155.63 million.

Transcorp followed with 35.76 million shares worth N34.848 million, while Zenith Bank traded 23.3 million shares valued at N531.586 million.

United Bank for Africa(UBA) traded 15.63 million shares valued at N121.329 million, while ACCESSCORP transacted 12.91 million shares valued at N125.938 million.

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Olawunmi Ashafa

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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