Nigerian News from Leadership News

Stock Market Heads South As Optimism Wanes

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Trading at the stock market resumed on negative note, yesterday following sell off of highly capitalised stocks by investors. In summary, lead indicator, the All-Share Index (ASI) shed 111.04 absolute points, representing a growth of 0.42 per cent to close at 26,217.18 points. Similarly, the market capitalization depreciated by N38 billion to close at N9.021 trillion.

The downturn was largely boosted by value depreciation recorded in some large capitalised stocks, amongst which are, Dangote Cement, Guaranty Trust Bank, Oando, Stanbic IBTC and UBA.

Analysts at United Capital noted that “This week, we anticipate a mix of bargain hunting and profit booking.”

Market breadth was negative, with nine gainers versus 19 losers. Seven-Up recorded the highest price gain of five per cent, to close at N113.40 per share. Caverton gained by 4.35 per cent to close at 72 kobo, while Eterna appreciated  by 4.02 per cent to close at N3.62 per share.

Forte Oil went up by 2.95 per cent to close at N74, while FBN Holdings appreciated by 1.74 per cent to close at N3.50 per share.

On the other hand, Continental Reinsurance led the losers’ chart by 4.92 per cent, to close at N1.16 per share. Oando shed 4.67 per cent to close at N4.90, while Neimeth declined by 4.11 per cent to close at 70 kobo per share.

Diamond Bank depreciated by 4.04 per cent to close at 95 kobo and Transcorp declined by 3.70 per cent to close at 78 kobo per share.

Total volume traded fell by 39.64 per cent to 143.52 million shares, valued at N755.89 million shares, and exchanged in 2,139 deals.

Transactions in the shares of Aiico Insurance topped the activity chart with 56.81 million shares valued at N34.1 million. Transcorp followed with 16.1 million shares worth N12.61 million, while UBA traded 7.75 million shares valued at N38.94 million.

FBN Holdings traded 7.65 million shares worth N26.64 million, while Fidelity Bank sold 7.45 million shared valued N6.64 million.

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