Stock Market Reverses Gain, Loses N85bn

The Nigerian stock market yesterday was unable to sustain the prior day’s uptrend, as losses in Stanbic IBTC Holdings Plc and 17 others dragged the market down by N85 billion.

The All Share Index (ASI) shed 149.53 points, representing a loss of 0.15 per cent to close at 99,134.85 points. Accordingly, market capitalisation declined by N85 billion to close at N56.079 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Holdings, Fidelity Bank, Nigerian Breweries, May & Baker Nigeria and Transnational Corporation (Transcorp).

As measured by market breadth, market sentiment closed slightly negative, as 17 stocks gained relative to 18 losers. Oando recorded the highest price gain of 9.77 per cent to close at N14.05, per share. Eterna followed with a gain of 9.67 per cent to close at N14.75, while Veritas Kapital Assurance rose by 9.52 per cent to close at 69 kobo, per share.

NEM Insurance went up by 8.75 per cent to close at N8.70, while Wapic Insurance appreciated by 6.25 per cent to close at 68 kobo, per share.

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On the other hand, May & Baker Nigeria led the losers’ chart by 10 per cent, to close at N6.03, per share. Fidelity Bank followed with a decline of 9.72 per cent to close at N9.75, while Sovereign Trust Insurance declined by 9.52 per cent to close at 38 kobo, per share.

Stanbic IBTC Holdings depreciated by 8.77 per cent to close at N52.00 and SUNU Assurance declined by 6.98 per cent to close at N1.20, per share.

The total volume traded rose by 0.5 per cent to 309.806 million units, valued at N5.385 billion, and exchanged in 6,765 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 49.196 million shares valued at N483.140 million. Access Holdings followed with 42.385 million shares worth N728.795 million, while Oando traded 28.617 million shares valued at N394.750 million.

Guinness Nigeria traded 19.569 million shares valued at N975.581 million, while Veritas Kapital Assurance sold 18.623 million shares worth N12.199 million.