Stock: Market Extends Downturn By N278bn

Transactions in the Nigerian equity market on Tuesday closed on a negative note as losing streak extended to the third consecutive trading day, following sustained profit-taking.

However, the market breadth closed negative, recording 17 gainers and 30 losers.

The All-Share Index dipped 531.25 basis points or 1.53 per cent to close at 34,242.83 index points as against 34,774 on Monday while the market capitalisation of equities depreciated by N278bn from N18.17tn the previous day to N17.89tn as market sentiment remained in the negative territory.

Meanwhile, a turnover of 9.36 billion shares exchanged in 8,712 deals was recorded in the day’s trading.

The banking sub-sector was the most active (measured by turnover volume); with 370.39m shares exchanged by investors in 1,435 deals.

The volume in the subsector was largely driven by activities in the shares of Jaiz Bank Plc and GTBank Plc.

The premium subsector was boosted by the activities in the shares of FBNH Plc and UBA Plc, with a turnover of 232.97 million shares in 3,287 deals.

Further analysis of the day’s trading showed that in percentage terms BOC Gases Plc topped the day’s gainers’ table with 9.96 per cent to close at N5.85 per share while GSK Nigeria Plc followed with 9.56 per cent to close at N7.45 per share. Conoil Plc added 9.45 per cent to close at N20.85 per share.

On the flip side, Oando Plc and Wapic Insurance Plc led the losers’ with a drop of 10 per cent each to close at N3.24 and 45 kobo per share respectively while Portland Paints Plc shed 9.97 per cent to close at N2.62 per share.

Livestock Feeds Plc declined by 9.92 per cent to close at N1.18 per share.