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Stock market closes negative amid sell-off



The domestic bourse closed on a negative note amidst sell-off as the All-Share Index (ASI) depreciated by 158.87 basis point or 0.31 per cent to close at 51,803.98 points, from 51,962.85 recorded on Monday.

Similarly, the market capitalisation declined by N86 billion, closing at N27.928 trillion from N28.014 trillion posted the at the previous trading.

The weak performance was due to sell-offs in stocks like MTN Nigeria and Tier 1 banks like Access Holdings and Zenith Bank.

Analysis of the market activities showed that trade turnover settled higher compared with the figures recorded at the previous session.

The value of transactions increased by 393.67 per cent, closing at 314.61 million units of shares valued at N12.85 billion exchanged in 4,708 deals.

This is contrast to 156.08 million units of shares valued at N12.83 billion recorded on Monday.

The market breadth closed negative as 10 stocks gained, while 19 declined.

Sovereign Trust Insurance led the gainers’ chart in percentage terms by eight per cent to close at 27k per share.

Chams followed with a gain 4.17 per cent to close at 25k, while Regent Alliance Insurance rose by 3.85 per cent to close at 27k per share.

Ecobank Transnational Incorporated (ETI) and Okumu Oil also went up by 3.29 per cent each to close at N11 and N216.90 per share respectively.

On the other hand, UPL led the losers’ chart in percentage terms by 9.72 per cent to close at N2.60 per share.

NGX group shed 9.84 per cent to close at N165 per share.

Caverton Offshore Company also lost 4.76 per cent to close at N1 per share, while Livestock lost 3.57per cent to close at N1.35 per share.

Fidelity Bank declined by 3.53 per cent to close at N3.28 per share.

Transactions in the shares of Living Trust Mortgage Bank topped the most volume chart with 100 million shares valued N120 million.

MTN Nigeria followed with 42.9 million shares worth N9.87 million, while First Bank of Nigeria Holdings (FBNH) traded 19.84 million shares valued N219.08 million.

United Bank for Africa (UBA) traded 16.12 million shares valued N199.99 million, while Zenith Bank transacted 16.09 million shares worth N348.85.

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Olawunmi Ashafa

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