Stock Market Extends Downturn By N16bn

Transactions in the Nigerian equity market, on Tuesday, closed on a negative note following sustained profit-taking.

The market breadth also closed negative, with 14 gainers against 18 losers.

Consequently, the All-Share Index dipped 30.62 basis points or 0.09 per cent to close at 35,033.74 index points as against 35,064.36 recorded the previous trading session.

The market capitalisation of equities depreciated by N16bn from N18.33tn the previous day to N18.31tn as market sentiment remained in the negative territory.

Meanwhile, a turnover of 307.72 million shares exchanged in 4,507 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 201.76m shares exchanged by investors in 1,585 deals.

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

Also, the banking subsector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Ecobank Plc followed with a turnover of 32.12m shares in 838 deals.

Further analysis of the day’s trading showed that in percentage terms FTN Cocoa Plc topped the day’s gainers’ table with 9.68 per cent to close at 34 kobo per share while Royal Exchange Plc followed with 9.52 per cent to close at 23 kobo per share. Mutual Benefits Assurance Plc added 9.09 per cent to close at 24 kobo per share.

On the flip side, INITS Plc led the losers’ with a drop of 8.77 per cent to close at 52 kobo per share while Regency Alliance Insurance Plc shed 8.33 per cent to close at 22 kobo per share. Wapic Insurance Plc lost 4.76 per cent to close at 40 kobo per share.