Investors lose N232bn as stock market fall deepens

Transactions in the Nigerian equity market on Thursday closed on a negative note as losing streak extends to the fourth consecutive trading day, following sell-off on some high valued stocks.

The market breadth closed negative, recording six gainers and 40 losers.

The Nigerian Stock Exchange All-Share Index dipped 444 basis points or 1.27 per cent to close at 34,577.26 index points as against 35,021.26 recorded the previous trading session.

The market capitalisation of equities depreciated by N232bn from N18.30tn the previous day to N18.07tn as market sentiment remained in the negative territory.

Meanwhile, a turnover of 553.95 million shares exchanged in 6,441 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 175.38 million shares exchanged by investors in 2,612 deals.

Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and FBN Holdings Plc.

The banking subsector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc followed with a turnover of 154.25 million shares in 1,245 deals.

Further analysis of the day’s trading showed that Okomu Oil Plc topped the day’s gainers’ table with 10 per cent to close at N88.00 per share while Mutual Benefits Assurance Plc followed with 9.09 per cent to close at 24 kobo per share.

FTN Cocoa Plc added 8.11 per cent to close at 40 kobo per share.

On the other hand, FBNH Plc, Wapco Plc and UPL Plc led the losers’ with a drop of 10 per cent each to close at N6.30, N20.25 and N1.26 per share respectively while Portland Paints Plc shed 9.96 per cent to close at N1.35 per share.

PUNCH