Nigerian bourse drops N15bn in bearish trading

The domestic stock market on Tuesday closed on a negative note, with market capitalisation shedding N15 billion or 0.56 per cent to close at N26.517 trillion as against N26.532 trillion recorded the previous day.

Also, the All-Share Index (ASI) lost 27. 87 points or 0.56 per cent to close at 49,161.45 compared with 49,189.32 recorded on Monday.

The weak performance was driven by sell-off in shares of Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Access Holding and FBN Holdings.

Consequently, the year-to-date (YTD) return fell to 15.09 per cent.

Market breadth closed negative as 17 stocks declined while 14 advanced.

NGX Group and Multiverse Mining & Exploration led the gainers’ table during the day, gaining 10 per cent each to close at N19.80 and N3.41 per share.

Eterna followed by gaining 9.91 per cent to close at N6.32, while Courteville Business Solutions added by 8.89 per cent to close at 49k per share.

Champion Breweries appreciated by 8.53 per cent to close at N3.69 per share.

On the other hand, May & Baker topped the losers’ chart, shedding 9.79 per cent to close at N3.50 per share.

Regency Alliance Insurance trailed with a loss of 7.69 per cent to close at 24k, while Vitafoam Insurance declined by 5.38 per cent to close at N20 per share.

Unilever and Glaxosmith were down by 5.38 per cent and 5.08 per cent each to close at N12.30k and N5.60 per share, respectively.

A total of 139.24 million shares valued at N1.60 billion were exchanged in 3, 421 deals, compared to.

Transcorp was the most active stock, exchanging 38.46 million shares worth N38.99 million.

Zenith Bank followed with an account of 35.74 million shares valued at N710.83 million, while FCMB traded 30.19 million shares worth N105.61 million.

Vitafoarm sold 18.13 million shares valued at N362.77 million, while Linkage Assurance exchanged 8.89 million shares worth N4.18 million.