Equity market sheds N6bn, index drops 0.03%

The Nigerian equity market extended loses on Thursday, as the capital market closed on a negative note, making the market capitalisation to stand at N27.28 trillion.

The market shed N6.83 billion, representing 0.03 per cent when compared with N28.29 trillion recorded on Wednesday.

The negative performance was driven by continued sell-offs of stocks of BUA Cement, Dangote Sugar, Transcorp and Fidelity Bank among others.

Similarly, All-Share Index (ASI) closed 0.03 per cent lower at 50,582.30 points from 50,594.97 points posted at the previous trading.

Consequently, the year-to-date (YTD) return fell to 18.41 per cent.

Market breadth closed positive at as 24 stocks advanced and 16 declined.

The current market capitalisation of the Nigerian Stock Exchange is N27.3 trillion.

A total of 130.45 million shares valued at N1.62 billion were exchanged in 3,993 deals.

PZ Cussons Nigeria led the gainers with 10 per cent share price appreciation closing at N9.35 per share.

Honeywell Flour Mill followed by 9.64 per cent to close at N2.73 per share, while Stanbic IBTC Holdings rose by 9.15 per cent to close at N31.

Wapic Insurance went up by 8.11 per cent to close at 40k per share and Sovereign Insurance increased by eight per cent to close at 27k per share.

However, Multiverse Mining & Exploration led the losers by 10 per cent at N1.71 per share.

The next, which is Lasaco Assurance, declined by 7.07 per cent to close at 92k, while FTN Cocoa Processors lost by 6.25 per cent to close at 30k per share.

BUA Cement depreciated by 4.51 per cent to close at N58.25 per share.

Also, Unity Bank declined by 4.44 per cent to close at 43k per share.

Analysis of today’s market activities showed trade turnover declined compared to the previous session, with the value of transactions decreasing by 61.08 per cent.

A total of 130.45 million shares worth N1.622 million in 3,993 deals.

Aiico Insurance recorded the highest volume of 16.3 million traded shares worth N9.38 million, followed by Transcorp with 11.2 million shares sold at N12.92 million.

Access Holdings traded 9.74 million shares worth N87.63 million.

Consolidated Hallmark Insurance transacted 7.49 million shares valued N4.65 million, while Japaul Gold sold 6.89 million shares worth N2.14 million.

AIICO led the volume chart with 16.32 million shares, while MTNN led the value chart in deals worth N403.58 million.