Stock Market Down By N96bn On Sale Pressure

Activities on the Nigerian bourse sustained previous negative sentiments by extending the downtrend to three consecutive trading sessions, following profit taking in some blue chip stocks.

Consequently, the market breadth closed negative, recording 11 gainers against 18 losers.

The market performance indices, NSE ASI, and market capitalisation depreciated by 0.67per cent.

The downswing according to market watchers was due to profit takings by investors.

Specifically, the All-Share Index dropped by 184.93 basis points or 0.67 per cent from 27,570.94 index points last Friday to 27,755.87 while the market capitalisation of equities depreciated by N96bn to close at N14.359tn from N14.455tn.

On the activity chart, premium sub-sector dominated in volume terms with 44.6 million shares exchanged in 1,200 deals. The sub- sector was enhanced by the activities in the shares of Zenith Bank Plc and UBA Plc.

Banking sub-sector boosted by the activities on the shares of GTBank Plc and Fidelity Bank Plc followed with 22.9 million units traded in 588 deals.

In all, investors exchanged a total of 134.6 million shares traded in 3,302 deals.

Further analysis of the day’s trading showed that Jaiz Bank Plc led the gainers chart with 6.25 per cent to close at 68 kobo per share while Japaul Oil Nigeria Plc followed with five per cent to close at 21 kobo per share and Oando Plc with a gain of 4.35 per cent to close at N3.60 per share.

On the flip side, Law Union and Rock Insurance Plc led the losers’ chart with a drop of 9.57 per cent to close at N1.04 per share. Wapic Insurance Plc followed with a loss of 9.09 per cent to close at 30 kobo per share while International Breweries Plc dropped by 9.03 per cent to close at N7.05 per share.