Stock Market Extends Losses By N35bn

The bears continued to dominate the Nigerian stock market as the market capitalisation lost N35 billion on profit taking in Guaranty Trust Holding Company (GTCO) Plc and 16 others.

The All-Share Index (ASI) fell by 65.47 absolute points, representing a decrease of 0.12 per cent to close at 55,722.90 points. Accordingly, investors lost N35 billion in value as market capitalisation declined to N30.356 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; GTCO, Lafarge Africa, United Capital, Wema Bank and Nigerian Aviation Handling Company (NAHCO).

On market outlook, GTI Securities Limited said: “all sectors lost yesterday asides from the marginal rise in consumer goods. Boosted trades are expected to move towards safe stocks as Telecommunication and Banking stocks recorded the highest values for the day.”

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Market breadth closed negative as nine stocks gained relative to 17 decliners. Nigeria Enamelware recorded the highest price gain of 9.57 per cent to close at N17.75, per share.

followed with a gain 7.69 per cent to close at 28 kobo, while Sterling Bank gained 3.42 per cent to close at N1.51, per share.

UAC of Nigeria (UACN) appreciated by 3.26 per cent to close at N9.50, while Nigerian Exchange Group gained 2.69 per cent to close at N26.70, per share. On the other hand, Chams Holding Company led the losers’ chart by 8.00 per cent to close at 23 kobo, per share. Prestige Assurance followed with a decline of 7.32 per cent to close at 38 kobo, while Linkage Assurance declined by 6.82 per cent to close at 41 kobo, per share.

UACN Property Development Company (UPDC) shed 6.80 per cent to close at 96 kobo, while Wema Bank shed 6.05 per cent to close at N4.04, per share.

Meanwhile the total volume of trades dipped by 35.14 per cent to 199.269 million units, valued at N2.814 billion, and exchanged in 3,898 deals. Transactions in the shares of Sterling Bank topped the activity chart with 31.093 million shares valued at N46.913 million. Neimeth International Pharmaceuticals followed with 20.178 million shares worth N31.676 million, while Zenith Bank traded 16.511 million shares valued at N412.519 million.

Chams Holding Company traded 16.113 million shares valued at N3.763 million, while United Capital transacted 12.760 million shares worth N185.870 million.