Stock Market Reverses Gains, Slips N119bn

The local stock market yesterday reversed its earlier gains, as the overall capitalization fell by N119 billion on renewed negative sentiment.

The All Share Index (ASI) lost by 189.73 points, representing a decline of 0.18 per cent to close at 104,187.00 points. Also, market capitalisation shed N119 billion to close at N65.470 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Unilever Nigeria, PZ Cussons Nigeria, Ecobank Transnational Incorporated (ETI), Guaranty Trust Holding Company (GTCO) and United Bank for Africa (UBA).

Despite the downturn, market breadth was positive, with 33 gainers versus 23 losers. Livestock Feeds and VFD Group recorded the highest price gain of 10 per cent each to close at N8.03 and N72.60 respectively, while Nigerian Exchange Group followed with a gain of 9.86 per cent to close at N35.65, per share.

Wapic Insurance rose by 9.60 per cent to close at N1.94, while Union Dicon Salt up by 9.48 per cent to close at N6.35, per share.

On the other hand, Learn Africa and Haldane McCall led the losers’ chart by 10.00 per cent each to close at N2.97 and N5.22 respectively, while ETI followed with a decline of 9.90 per cent to close at N26.85, per share.

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PZ Cussons Nigeria depreciated by 9.88 per cent to close at N30.10, while Unilever Nigeria declined by 9.75 per cent to close at N34.70, per share.

Meanwhile, the total volume traded decreased by 18.23 per cent to 376.617 million units, valued at N11.888 billion, and exchanged in 11,576 deals. Transactions in the shares of GTCO topped the activity chart with 62.882 million shares valued at N4.095 billion. Access Holdings followed with 51.378 million shares worth N1.059 billion, while Zenith Bank traded 32.326 million shares valued at N1.519 billion

UBA traded 22.560 million shares valued at N775.158 million, while Mutual Benefits Assurance sold 18.199 million shares worth N16.618 million.