Stock Market Outing Tepid As Cautious Trading Wipes N4bn Off Investments

Yesterday’s Nigerian stock market closed bearish with a decline of N4 billion amid cautious trading activity.

The All-Share Index (ASI) lost 6.27 points, representing a decline of 0.004 per cent, to close at 147,710.96 points. Market capitalisation also lost N4 billion to close at N93.757 trillion.

The downturn was impacted by losses recorded in medium—and large-capitalised stocks, including Fidson Healthcare, Berger Paints Nigeria, Nigerian Breweries, Dangote Sugar Refinery, and NASCON Allied Industries.

Also, market sentiment was bearish, with 36 declining stocks outnumbering 23 gainers. Regency Alliance Insurance recorded the highest price gain of 8.82 per cent to close at N1.48 per share. Prestige Assurance followed with a gain of 6.71 per cent to close at N1.75, while Wapic Insurance rose by 6.45 per cent to close at N3.30 per share.

Legend Internet rose by 5.45 per cent to close at N5.80, while CWG appreciated by 4.74 per cent to close at N18.8 per share.

On the other hand, Austin Laz & Company led the losers’ chart by 7.94 per cent to close at N2.90, while Deap Capital Management & Trust and Fidson Healthcare followed with a decline of 6.67 per cent each to close at N1.68 and N40.60, per share.

Caverton Offshore Support Group depreciated by 6.35 per cent to close at N6.49, while Berger Paints declined by 5.92 per cent to close at N36.55 per share.

The total volume traded declined by 20.73 per cent to 495.103 million units, valued at N17.341 billion, and exchanged in 495.103 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 50.903 million shares valued at N1.021 billion. Chams Holding Company followed with 37.363 million shares worth N157.747 million, while Tantalizer traded 36.693 million shares valued at N85.251 million.

Access Holdings traded 30.156 million shares valued at N784.598 million, while Sovereign Trust Insurance sold 21.729 million shares worth N76.671 million.