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Stock market loses N13bn in bearish trading



Trading on the nation’s bourse again ended negative on Wednesday as market capitalisation lost N13 billion or 0.05 per cent to close at N26.657 trillion against N26.670 trillion on Tuesday.

Also, the All-Share Index lost 23.40 points or 0.05 per cent to close at 49,421.91 from 49,445.31 recorded on Tuesday.

Accordingly, month-to-date gain moderated to 15.7 per cent, while year-to-date loss increased to 19.56 per cent.

The loss was driven by price depreciation in FBN Holdings, Access Holdings and WAPCO.

Market sentiment closed positive with 10 gainers relative to 12 losers.

Unity Bank led the losers’ chart in percentage terms by 10 per cent to close at 44k per share.

Murtiverse followed with 9.82 per cent to close at N3.13, while Fidelity Bank shed 5.46 per cent to close at N3.67 per share.

Honeywell Flour Mills lost 3.98 per cent to close at N2.35 while Chams shed 3.45 per cent to close at 30k per share.

Conversely, Academy Press dominated the gainers’ chart in percentage terms with 9.78 per cent to close at N1.66 per share.

NEM Insurance followed with 6.08 per cent to close at N5.25, while Cadbury rose by 5.45 per cent to close at N13 per share.

Jaiz Bank garnered 4.76 per cent to close at 80k, while NGX Group appreciated by 4.38 per cent to close at N18.55 per share.

However, the total volume of trades decreased by 75.35 per cent to 51.88 million units valued at N590.01 million exchanged in 2,981 deals.

This was in contrast with a total of 147.59 million shares worth N2.39 billion traded in 3,386 deals on Tuesday.

Transactions in the shares of Zenith Bank topped the activity chart with 6.3 million shares valued at N125.54 million.

GTCO followed with 4.99 million shares worth N94.92 million, while Sterling Bank traded 4.86 million shares valued at N7.29 million.

Fidelity Bank traded 3.85 million shares valued at N13.62 million, while Transcorp transacted 2.95 million shares worth N3.1 million.


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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