Stock Market Reverses Positive Trend By N131bn Loss

The Nigerian stock market yesterday halted its four-day bullish streak as the overall capitalization declined by N131 billion, due to price decline in Oando Plc and 24 others.

Consequently, the All-Share Index declined by 227.17 per cent, representing a loss of 0.23 per cent, to close at 98,003.75 points. Similarly, the overall market capitalisation value lost N131 billion to close at N56.316 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Oando, FBN Holdings (FBNH), Flour Mills of Nigeria, Honeywell Flours Mill and NASCON Allied Industries.

As measured by market breadth, market sentiment was slightly negative, as 26 stocks lost relative to 25 gainers. ABC Transport and McNichols recorded the highest price gain of 10 per cent each to close at 99 kobo and N1.65 respectively, while University Press followed with a gain of 9.95 per cent to close at N2.43, per share.

Fidson Healthcare appreciated by 9.85 per cent to close at N14.50, while Caverton Offshore Support Group rose by 9.80 per cent to close at N3.36, per share.

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On the other hand, Honeywell Flour Mills led the losers’ chart by 9.98 per cent to close at N4.87, while FBNH followed with a decline of 9.88 per cent to close at N30.55, per share.

UPDC lost 9.74 per cent to close at N1.76, while Secure Electronic Technology and Tantalizer depreciated by 8.82 per cent each to close at 62 kobo each, per share.

The total volume traded rose by 30.94 per cent to 473.092 million units, valued at N11.360 billion, and exchanged in 9,848 deals. Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 106.663 million shares valued at N259.812 million. UAC of Nigeria (UACN) followed with 57.854 million shares worth N1.187 billion, while Fidelity Bank traded 48.730 million shares valued at N599.421 million.

Honeywell Flour traded 26.084 million shares valued at N139.333 million, while Dangote Cement transacted 16.115 million shares worth N4.835 billion.