Stock Market Extends Decline, Loses N162bn

Activities on the Nigerian Stock Exchange on Thursday closed southwards, extending previous negative sentiment to three consecutive trading sessions, following sell-off recorded by some stocks.

However, the market breadth closed positive, recording 17 gainers against 15 losers.

Consequently, the All-Share Index dipped 5.74 basis points or 1.36 per cent to close at 22,470.79 index points as against 22,780.30 recorded the previous day while market capitalisation of equities depreciated by N162bn from N11.872tn the previous day to N11.710tn as market sentiment remained on the negative territory.

Meanwhile, a turnover of 201.47m shares exchanged in 3,381 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 119.44m shares exchanged by investors in 1,453 deals.

Volume in the subsector was largely driven by activities in the shares of Access Bank Plc and FBNH Plc.

Also, the banking subsector boosted by the activities in the shares of Wema Bank Plc and GTbank Plc followed with a turnover of 34.65m shares in 574 deals.

Further analysis of the day’s trading showed that in percentage terms, Jaiz Bank Plc topped the day’s gainers’ table with 10 per cent to close at 55 kobo per share while Cadbury Nigeria Plc followed with 9.52 per cent to close at N6.90 per share.

Wema Bank Plc added 9.09 per cent to close at 60 kobo per share.