Stock market extends bearish trend, sheds N781bn

The stock market extended its bearish performance onThursday, with a loss of N781 billion.

This represents a three-day consecutive downturn in the week.

Market capitalisation declined by N781 billion or 0.87 per cent, closing at N88.783 trillion from N89.564 trillion on Wednesday.

Similarly, the All-Share Index dropped by 1,233.87 points or 0.87 per cent to 140,332.44 from 141,566.31 recorded previously.

The negative performance was driven by selloffs in stocks like: International Energy Insurance, Thomas Wyatt Nigeria, Veritas Kapital Assurance, BUA Cement, University Press and 40 others.

Meanwhile, the market breadth also closed negative, with 45 losers and 17 gainers.

On the losers’ chart, University Press led by 10 per cent, to close at N6.30 while Thomas Wyatt Nigeria also lost by 10 per cent, settling at N3.33 per share
International Energy Insurance dropped by 10 per cent, finishing at N3.24 and Veritas Kapital also fell by 10 per cent, ending the session at N1.80 per share.

Also, BUA Cement declined by 9.96 per cent, closing at N151.80 per share.

Conversely, Skye Shelter Fund led the gainers’ table by 9.99 per cent, finishing at N274.15 while Jaiz Bank soared by 9.75 per cent, to close at N4.39 per share.

Secure Electronic Technology gained by 9.38 per cent, settling at N1.05 and Omatek rose by 5.88 per cent, closing at N1.44 per share.

CHAMS grew by 5 per cent, ending the session at N2.73 per share.

Analysis of the market activities revealed further decline in market volume, value and deals as 573.75 million shares valued at N12.88 billion were exchanged across 25,881 transactions.

This is compared with 721.82 million shares valued at N12.94 billion that was traded across 28,745 transactions earlier on Wednesday.

Transactions in Fidelity Bank shares led the activity chart with 96.07 million shares valued at N1.99 billion.

Veritas Kapital Assurance followed with 36.60 million shares worth N66.2 million while Universal Insurance sold 32.9 million shares valued at N36.9 million.

Access Corporation traded 30.33 million shares worth N819.1 million and Jaiz Bank transacted 21.16 million shares valued at N92.1 million.