Stock Market Extends Loss By N133bn

The Nigerian equity market on Tuesday sustained its negative sentiment to three consecutive trading sessions as investors continued to take profits to increase capital gains.

Key market indicators, the NSE ASI, declined by 1.06 per cent as bargain hunters continued to take profits from gains recorded last week.

The market breath closed negative with 15 losers against 14 gainers.

Consequently, the All-Share Index dipped 254.93 basis points or 1.06 per cent to close at 23,695.90 as against 23,950.83 recorded the previous day while the market capitalisation of equities depreciated by N133bn or 1.06 per cent to close at N12.349tn from N12.482tn.

Meanwhile, a turnover of 155.75m shares exchanged in 4,005 deals was recorded in the day’s trading.

Premium subsector was the most active during the day (measured by turnover volume), with 51.56 million shares exchanged by investors in 1,426 deals.

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

Banking subsector boosted by activities in the shares of Fidelity Bank Plc and GTB Plc followed with a turnover of 27.75 million shares traded in 565 deals.

Shares of Neimeth Pharmaceuticals Plc led the gainers chart, appreciating by 10 per cent to close at 66 kobo per share. The NPF MFB Plc followed with a gain of 9.76 per cent each to close at N1.35 per share while Eterna Oil Plc gained 9.44 per cent to close at N2.55 per share.

On the flip side, shares of Caverton Nigeria Plc led the losers with a loss of 10 per cent to close at N2.43 per share. ARBICO Nigeria Plc plunged by 9.73 per cent to close at N2.32 per share while Afromedia Plc dropped 8.82 per cent to close at 31 kobo per share.