Stock: Investors Lose N17bn As Market Extends Decline

The nation’s stock market extended its decline on Thursday as market sentiment remained negative, causing investors to lose N17bn.

The market breath also closed negative as 16 gainers emerged, as against 17 losers.

The All-Share Index dipped by 101.13 basis points or 0.13 per cent to close at 25,182.67 from the 25,215.04 recorded the previous day.

The market capitalisation of equities depreciated by N17bn from N13.14tn on Wednesday from N13.15tn on Thursday.

A turnover of 337.13 million shares were traded by investors in 3,880 deals on Thursday.

The banking subsector was the most active (measured by turnover volume), with 92.06 million shares traded in 1,237 deals. The volume was largely driven by activities in the shares of Guaranty Trust Bank Plc and Unity Bank Plc.

The insurance subsector was boosted by the activities in the shares of Mutual Benefits Assurance Plc and AIICO Insurance Plc, with a turnover of 83.68 million shares in 448 deals.

Neimeth International Pharmaceuticals Plc topped the gainers’ table as it rose by 9.83 per cent to close at N2.57 per share.

Unity Bank Plc followed with a gain of 9.62 per cent to close at 57 kobo per share, while ABC Transport Plc added 8.89 per cent to close at 49 kobo per share.

On the other hand, Caverton Offshore Support Group Plc led the losers’ table with a drop of 10 per cent to close at N2.25 per share while Prestige Assurance Plc shed 9.09 per cent to close at 70 kobo per share.

Mutual Benefits Assurance Plc depreciated by 8.33 per cent to close at 22 kobo per share.