Stock market closes week on negative note

The local bourse ended the last trading of the week on a negative note as the performance indices declined by 0.06 per cent.

Specifically, the market capitalisation dropped by N18 billion or 0.06 per cent to close at N28.646 trillion as against N28.664 trillion posted at the previous session.

Also, the All-Share Index (ASI) fell by 31.74 points or 0.06 per cent to close at 52,594.68 compared to 52,626.42 recorded on Thursday.

The negative performance of market was driven by selloffs in Nestle, Zenith Bank and Guaranty Trust Holding Company (GTCO).

Consequently, the year-to-date (YTD) return rose to 2.62 per cent.

Market breadth closed flat as 11 stocks advanced, while 11 others declined.

A breakdown of price movement showed that Abbey Mortgage Bank topped the gainers’ table with a gain of 9.8 per cent to close N1.68 per share.

Prestige Insurance trailed with a gain of 9.25 per cent to close at 46k while International Energy Insurance rose by 8.89 per cent to close at 49k per share.

Conerstone Insurance was up by 7.14 per cent to close at 60k, while Courteville Business Solutions increased by 3.57 per cent to close at 58k per share.

Conversely, Linkage Insurance led the losers’ table, dropping by 9.62 per cent to close at 47k per share.

Consolidated Hallmark Insurance with a loss of 7.35 per cent to close at 63k, while WAPIC Assurance declined by 3.23 per cent to close at 30k per share.

Dangote Sugar dcreased by 2.58 per cent to close at N17, while Jaiz Bank fell by 2.22 per cent to close at 88k per share.

Analysis of the market activities showed trade turnover settled lower compared to the previous session, with the value of transactions down by 7.42 per cent.

A total of 443.75 million shares valued at N1.68 billion were exchanged in 3,100 deals.

Transactions in the shares of Veritas Kapital topped the activity chart with 347.05 million shares valued at N69.41 million.

Access Bank followed with 11.35 million shares worth N102.4 million, while Zenith Bank traded 6.99 million shares valued at N170.9 million.

Fidelity Bank traded 6.62 million shares valued at N33.13 billion, while Chams transacted 5.99 million shares worth N1.57 million.