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Equity market declines, indices lose 2.16%



The Nigerian bourse continued its negative trend on Tuesday with market capitalisation losing N545 billion or 2.16 per cent to close at N24.709 trillion in contrast with N25.254 trillion posted on Monday.

Similarly, the All Share Index shed 999.63 points or 2.16 per cent to 45,366.32, compared with 46,365.95 achieved on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Airtel Africa Nigerian Breweries and Jaiz Bank.

UCAP led the gainer’s table with 9.69 per cent to close at N12.45 per share.

Regency Alliance Insurance followed with a gain of 8.33 per cent to close at 26k, while Sovereign Trust Insurance grew by 7.69 per cent to close at 29k per share.

Mutual Benefits Assurance advanced by 7.41 per cent to close at 29k per share.

Honeywell Flour gained by 6.84 per cent to close at N2.50 per share.

On the other hand, Airtel Africa led the laggard’s table, depreciating by of 10 per cent to close at N1, 458 per share.

Nigerian Breweries followed with a loss of 9.8 per cent to close at N41.90, while CWG declined by 8.64 per cent to close at 74k.

Also, Jaiz Bank depreciated by 5.56 per cent to close at 85k per share. Courteville Business Solutions fell by 4.17 per cent to close at 46k.

A total of 420.28 million shares valued at N3.62 billion were exchanged in 3,486 deals.

CWG recorded the highest volume with 258.79 million traded shares valued at N191.51 million.

Guaranty Trust Holding Company(GTCO) followed by trading 57.42 million shares worth N1.07 billion, while Zenith Bank sold 13.16 million shares valued N768.75 million.

Fidelity Bank transacted 12.49 million shares worth N44.5 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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