Stock Market Extends Loss By N46bn

Transactions in the Nigerian equity market on Thursday closed on a negative note, extending losses to the second consecutive trading day, following profit-taking activity by investors.

The market breadth, however, closed positive with 26 gainers against 17 losers.

The Nigerian Stock Exchange All-Share Index dipped 88.13 basis points or 0.31 per cent to close at 28,546.22 index points as against 28,634.35 on Wednesday.

The market capitalisation of equities depreciated by N46bn from N14.97tn the previous day to N14.92tn as market sentiment remained on the negative territory.

Meanwhile, a turnover of 569.38 million shares exchanged in 6,101 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 224.59 million shares exchanged by investors in 2,798 deals.

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

The oil and gas sub-sector was boosted by the activities in the shares of Eterna Oil Plc and Ardova Plc, with a turnover of116.74 million shares in 263 deals.

Further analysis of the day’s trading showed that Eterna Oil Plc topped the day’s gainers’ table with 10 per cent to close at N3.30 per share while Unilever Nigeria Plc followed with 9.76 per cent to close at N13.50 per share.

Ecobank Transnational Incorporated appreciated by 8.54 per cent to close at N4.45 per share.

On the other hand, Deap Capital Plc led the losers’ with a drop of 10 per cent to close at 27 kobo per share while Mutual Benefits Assurance Plc shed 8.70 per cent to close at 21 kobo per share.

Cornerstone Insurance Plc trailed with 8.33 per cent to close at 55 kobo per share.