Bear Surfaces As Investors Lose N57bn

Trading activities in the Nigeria stock market yesterday closed negative with a loss of N57 billion as 23 companies recorded share price depreciation.

Accordingly, the All Share Index (ASI) declined by 106 points, representing a drop of 0.2 per cent to close at 52,821.60 points. Also, market capitalisation dropped to N28.761 trillion. At the end of the day, 22 stocks recorded price appreciation while 23 stocks recorded price depreciation.

The top three gainers were; FTN Cocoa Processors which gained 8.77 per cent to sell at N0.62 followed by Tantalizers with 8.33 per cent price appreciation and Wapic Insurance with 7.14 per cent price gain to sell at N0.45.

Meanwhile, the losers’ list was led by Conoil which lost 9.92 per cent of its share price to sell at N43.60 per share. The share price of Unilever Nigeria was also down by 8.28 per cent, selling at N14.40 per share while Eterna’s share price was down by 6.21 to sell at N6.80.

The total volume traded declined by 17.51 per cent to 377.14 million units, valued at N9.18 billion, and exchanged in 5,879 deals. Banking stocks led the activity chart with  United Bank for Africa(UBA) topping the activity chart with 86.17 million shares valued at N745.86 million. Access Holdings followed with 67.39million shares worth N737.19 million, while Zenith Bank traded 39.5 million shares valued at N1.05 million.

Investors also traded 30.98 million shares of GTCO valued at N835.97 million, while Geregu sold 13.1 million shares worth N3.91 billion.