Stock market declines by N659bn

The stock market opened the week on a negative note, with performance indices showing mixed results.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation declined by N659 billion or 1.01 per cent, falling to N65.488 trillion from N66.147 trillion recorded on Friday.

Similarly, the All-Share Index dropped sharply by 1.23 per cent or 1,295.02 points, closing at 104,216.87 compared to 105,511.89 posted on Friday.

The mixed performance was largely attributed to the listing of First Holdco Plc’s Rights Issue of 5,982,548,799 ordinary shares at 50 kobo each, priced at N25 per share on the basis of one for six, which became effective on April 7.

Market breadth also closed negative, with 51 losers and nine gainers.

On the losers’ chart, Cornerstone Insurance declined by 10 per cent to close at N2.97, while Oando Plc also fell by 10 per cent to N37.80 per share.

Secured Electronic Technology dropped 10 per cent to 45k and RT Briscoe lost 10 per cent to close at N2.16 per share.

Similarly, Honeywell Flour Mills declined by 9.98 per cent to close at N10.19 per share.

Conversely, on the gainers’ chart, VFD Group soared by 10 per cent to close at N62.70, while TotalEnergies Marketing Nigeria rose by 9.61 per cent to N745.00 per share.

Guinea Insurance grew by 9.52 per cent to close at 69k, and International Energy Insurance increased by 9.33 per cent to N1.64 per share.

Also, Abbey Mortgage Bank gained 8.88 per cent to close at N5.15 per share.

In terms of volume, First City Monument Bank led the activity chart with 65.5 million shares worth N588.99 million.

Fidelity Bank followed with 42.53 million shares valued at N818.38 million, while Guaranty Trust Holding Company sold 34.49 million shares worth N2.33 billion.

Access Corporation recorded 31.83 million shares traded, valued at N687 million, and Zenith Bank moved 31.68 million shares worth N1.47 billion.