Stock Market Ends 13-Day Gain, Loses N856bn

The Nigerian stock market, yesterday broke its 13 days win streak as the overall capitalisation fell by N856 billion on losses in Dangote Sugar Refinery Plc and 60 others.

Consequently, the All Share Index (ASI) dipped by 1,564.52 points, representing a loss of 1.49 per cent to close at 103,110.15 points. Also, market capitalisation depreciated by N856 billion to close at N56.426 trillion.

The negative performance was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Sugar Refinery, NASCON Allied Industries, Guinness Nigeria, Lafarge Africa and Flour Mills of Nigeria.

Investor sentiment, as measured by market breadth closed negative as seven stocks advanced, while 61 declined. UPDC recorded the highest price gain of 8.11 per cent to close at N2.00, per share. Geregu Power followed with a gain of 4.61 per cent to close at N517.80, while Wema Bank rose by 1.21 per cent to close at N10.90, per share.

Ellah Lakes up by 0.99 per cent to close at N3.05, while UPDC Real Estate Investment Trust (UPDCREIT) appreciated by 0.81 per cent to close at N6.25, per share.

On the other hand, Access Holdings, Guinea Insurance, Linkage Assurance, AXA Mansard Insurance, NASCON Allied Industries, Caverton Offshore Support Group and Sterling Financial Holdings Company led the losers’ chart by 10 per cent each to close at N25.20, 54 kobo, N1.17, N5.85, N68.40, N1.80 and N6.30 respectively, per share.

Guinness Nigeria followed with a decline of 9.96 per cent to close at N63.70 and Transnational Corporation (Transcorp) shed 9.94 per cent to close at N14.40, per share.

The total volume traded declined by 5.94 per cent to 648.953 million units, valued at N11.087 billion, and exchanged in 14,579 deals.

Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 59.797 million shares valued at N179.536 million. Transcorp followed with 52. 056 million shares worth N763.197 million, while Access Holdings traded 46.811 million shares valued at N1.209 billion.

United Bank for Africa (UBA) traded 44.552 million shares valued at N1.233 billion, while Oando sold 34.952 million shares worth N496.659 million.