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Stock market decreases further by 2.31%

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The Nigerian Exchange Ltd. (NGX) declined further on Wednesday as market capitalisation depreciated by N570 billion or 2.31 per cent, to close at N24.139 trillion from N24.709 trillion on Tuesday.

Also, the All-Share Index (ASI) fell by 1, 048.17 points or 2.31 per cent to 44, 318.15 from 45, 366.32 recorded at the previous trading.

The market breath ended negative with 17 stocks on the losers’ charts, while 16 stocks gained.

Fidelity Bank led the gainers with 34k to close at N3.83 per share.

Jaiz Bank followed with an appreciation of six kobo to close 91k per share.

Mutual Banefits Assurance rose by two kobo to close at 31k, while AIICO garnered three kobo to close at 57k per share.

Oando rose by 20k to close at N4.60 per share.

Conversely, Regency Alliance Insurance led the loser’s chat with a depreciation of 7.41 per cent to close at 25k per share.

Unity Bank followed dropping by 6.98 per cent to close at 40k per share, while Access Bank Holding lost by 5.14 per cent to close at N8.30 per share.

Airtel Africa declined by N145.80 to close at N1,312.20, while MRS shed N1.40 to close at N12.95 per share.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 61 per cent.

A total of 165.35 million shares valued at N3.67 billion were exchanged in 3,183 deals.

In highest volume category, FBNH Holding shares recorded 48.09 million traded shares valued at N461.77 million.

It was followed by Guaranty Trust Holding Company (GTCO), which sold 18.55 million shares worth N344.43, while Sterling Bank holding transacted 8.28 million shares valued at N12.79.

Also, Chams traded 7.67 million shares valued at N2.13 million, while Zenith Bank transacted 6.32 shares worth N128.88 million.

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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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