Equity market posts losses, market capitalisation down by 0.12%

The Nigerian stock market recorded loss on Thursday by 0.12 per cent due to losses in some highly capitalised stocks.

Accordingly, the All-Share Index declined by 136.25 points, representing a decrease of 0.12 per cent to close at 50,014.6 from 50,075.47 posted on Wednesday.

Consequently, the year-to-date return moderated to 17.09 per cent.

Similarly, the market capitalisation lost N32.83 billion to close at N26.976 trillion against N27.009 trillion on Wednesday.

The negative performance of the market was driven by losses in large and medium capitalised stocks of MTN Nigeria and Tier-one banking such as Zenith Bank, Stanbic Bank, United Bank for Africa (UBA) and Guaranty Trust Holding Company (GTCO).

The market closed negative with 24 laggards relative to 14 gainers.

NAHCO led the gainers’ chart in percentage terms by 10 per cent to close at N5.83 per share.

First City Monument Bank (FCMB) followed with 9.84 per cent to close at N3.35, while Ikeja Hotel appreciated 9.43 per cent to close at N1.16 per share.

Multiverse Mining and Exploration rose by 9.22 per cent to close at N2.25, while Courtville Business Solutions went up by 8.51 per cent to close at 51k per share.

On the other hand, ABC transports drove the losers’ chart in percentage terms with 6.67 per cent to close at 28k per share.

JaizBank followed with 5.56 per cent to close at 85k, while Stanbic went down by 3.28 per cent to close at N28.05 per share.

Caverton Offshore Support Group and UBA depreciated by 2.86 per cent and 2.78 per cent each to close at N1.02 and N7 per share, respectively.

The total volume traded increased by 8.49 per cent to 266.12 million units valued at N2.26 billion exchanged in 4,034 deals.

This was against a total of 279.22 million shares worth N2.08 billion achieved in 3,576 deals on Wednesday.

Transactions in the shares of (UBA) topped the activity chart with 20.45 million shares valued at N143.65 million.

Chams followed with 8.98 million shares worth N2.77 million, while Access Bank Holdings traded 8.17 million shares valued at N72.69 million.

Japaul Gold & Ventures traded 7.35 million shares worth N2.86 million, while Jaiz Bank transacted 7.01million shares valued at N6.24 million.