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Stocks Market Dips By N187bn

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The Nigerian stocks market regressed into the red zone at the close of yesterday’s trading session as investors lost N187 billion. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) lost 522.68 basis points or 1.16 per cent to close at 44,054.72 points.

Similarly, market capitalisation shed N187 billion to close at N15.903 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil,

Dangote Cement, Julius Berger, Guaranty Trust Bank and Zenith Bank.
Analysts at APT Securities and Funds Limited noted that “there is no cause for alarm as the market is only undergoing corrections. There are still rooms for upturn.” Also, market breadth closed negative, recording 14 gainers against 43 losers. Skye Bank recorded the highest price gain of 9.93 per cent, to close at N1.55 per share.

Caverton followed with a gain of 9.84 per cent to close at N2.68, while Unity Bank appreciated by 9.23 per cent, to close at N1.42 per share. UAC Property and Unilever Nigeria went up by five percent each, to close at N3.15 and N46.41 per share, respectively. On the other hand, Fidelity Bank led the losers’ chart by 9.16 per cent, to close at N3.57 per share.

AG Leventis followed with a decline of 9.09 per cent, to close at 60 kobo, while Linkage Assurance declined by 8.75 percent, to close at 73 kobo per share. Transcorp declined by 5.73 per cent to close at N2.14 per share, while FBN Holdings shed 5.31 per cent to close at N13.02 per share.

Total volume traded depreciated by 83.3 per cent to 737.86 million shares, worth N7.67 billion, and traded in 8,927 deals. Transactions in the shares of Skye Bank topped the activity chart with 150.37 million shares valued at N226.77 million. FBN Holdings followed with 104.17 million shares worth N1.36 billion, while Wema Bank traded 64.1 million shares valued at N87.36 million.

Diamond Bank traded 44.39 million shares valued at N144.8 million, while Transcorp transacted 43.4 million shares worth N94.28 million.



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