Stock Market Closes Bearish, Down By N81bn

The Nigerian stock market yesterday closed on a negative note following share price depreciation in Ecobank Transnational Incorporated (ETI) Plc and 24 others.

As a result, the All-Share Index declined by 130.33 per cent, representing a loss of 0.12 per cent, to close at 105,800.85 points. Similarly, the overall market capitalisation value shed N81 billion to close at N66.496 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; ETI, Cadbury Nigeria, NASCON Allied Industries, Guaranty Trust Holding Company (GTCO) and UACN.

However, investor sentiment, as measured by market breadth, closed positive as 39 stocks advanced, while 25 declined. University Press and Vitafoam Nigeria recorded the highest price gain of 10 per cent each to close at N3.74 and N52.80 respectively, while Livestock Feeds followed with a gain of 9.97 per cent to close at N8.49, per share.

C&I Leasing appreciated by 9.89 per cent to close at N4.00, while McNichols rose by 9.88 per cent to close at N1.89, per share.

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On the other hand, ETI and International Breweries led the losers’ chart by 10 per cent each to close at N28.80 and N7.38 respectively, while Ikeja Hotel followed with a decline of 9.89 per cent to close at N12.30, per share.

Cadbury Nigeria fell by 9.80 per cent to close at N29.00, while Austin Laz and Company declined by 9.52 per cent to close at N1.71, per share.

The total volume traded declined by 46.39 per cent to 392.996 million units, valued at N12.756 billion, and exchanged in 17,519 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 38.859 million shares valued at N1.359 billion. Wema Bank followed with 26.616 million shares worth N400.034 million, while Fidelity Bank traded 25.392 million shares valued at N525.056 million.

Access Holdings 25.042 million shares valued at N565.193 million, while Zenith Bank transacted 20.706 million shares worth N992.316 million.