Stocks End Six-day Gaining Streak As Investors Lose N14bn
The Nigerian equity market closed in the red on Thursday as investors began to take profits to increase capital gains.
The key market performance indicator, the Nigerian Stock Exchange All-Share Index, declined by 0.10 per cent to halt a six-day gaining streak.
The market breadth closed negative with 11 gainers against 19 losers.
The ASI decreased by 25.85 basis points to close at 25,304.25 as against 25,330.10 recorded the previous day while the market capitalisation of equities depreciated by N14bn to close at N13.20tn from N13.21tn.
Meanwhile, a turnover of 251.29 million shares traded in 2,954 deals was recorded in the day’s trading.
The premium subsector was the most active (measured by turnover volume), with 70.66 million shares traded by investors in 1,045 deals.
Volume in the subsector was largely driven by trading activities on the shares of FBN Holdings Plc and United Bank for Africa Plc.
The banking subsector was boosted by trading activities on the shares of Guaranty Trust Bank Plc and Wear Bank Plc, with a turnover of 17.89 million shares in 1,045 deals.
May and Baker Plc led the gainers’ table with a gain of 9.89 per cent to close at N3.00 per share respectively while UPL Plc followed with a gain of 9.40 per cent to close at N1.63 per share. AXA-Mansard Plc appreciated by 9.36 per cent to close at N1.84 per share.
On the other hand, CHI Plc led the losers’ table, dropping 8.11 per cent to close at 34 kobo. Fidson Healthcare Plc declined by 7.25 per cent to close at N3.71 per share while Lasaco Plc lost 6.06 per cent to close at 34 kobo per share.