Stocks Market Halts 3-Day Positive Trend, Sheds N42bn

Trading activities in the domestic equities market yesterday returned back to decline by N42 billion, as investors booked profits in FBN Holdings (FBNH) and 17 others stocks.

In summary, the All-Share Index (ASI) declined by 76.90 absolute points, representing a decrease of 0.14 per cent to close at 53,193.98 points. Similarly, the overall market capitalization value lost N42 billion to close at N28.677 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; FBN Holdings (FBNH), Stanbic IBTC Holdings, Champion Breweries, NEM Insurance and eTranzact International.

On market outlook, analysts at GTI Securities Limited said: “the stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.”

Market breadth closed negative as 18 stocks lost relative to 16 gainers. Caverton Offshore Support Group recorded the highest price gain of 7.34 per cent to close at N1.17, per share. FTN Cocoa processors followed with a gain 5.88 per cent to close at 36 kobo, while Transnational Corporation of Nigeria (Transcorp) gained 5.69 per cent to close at N1.30, per share.

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Cutix appreciated by 4.98 per cent to close at N2.74, while Linkage Assurance  gained 3.70 per cent to close at 56 kobo, per share. On the other hand, Champion Breweries led the losers’ chart by 9.79 per cent to close at N3.50, per share. Cornerstone Insurance followed with a decline of 9.68 per cent to close at 56 kobo, while eTranzact International shed 9.67 per cent to close at N2.71,  per share.

NEM Insurance shed 8.33 per cent to close at N3.85, while Japaul Gold and Ventures depreciated by 6.25 per cent to close at 30 kobo, per share.

Meanwhile the total volume of trades rose slightly by 6.11 per cent to 248.959 million units, valued at N1.861 billion, and exchanged in 4,265 deals.

Transactions in the shares of Transcorp topped the activity chart with 103.558 million shares valued at N131.251 million. Fidelity Bank followed with 24.810 million shares worth N80.206 million, while FBNH traded 12.518 million shares valued at N130.627 million.

Japaul Gold and Ventures traded 10.349 million shares valued at N3.120 million, while Chams transacted 7.812 million shares worth N1.877 million.