Equity Market Extends Loss By N16bn

Transactions in the Nigerian equity market on Tuesday closed on a negative note, as losing streak extends to the second consecutive trading day, following sell-off on some high-valued stocks.

However, the market breadth closed positive, recording 43 gainers and 21 losers.

Consequently, the All-Share Index dipped 30.75 basis points or 0.07 per cent to close at 41,051.63 index points as against 41.082.38 recorded the previous trading session while market capitalisation of equities depreciated by N16bn from N21.49tn the previous day to N41.47tn as market sentiment remained on the negative territory.

Meanwhile, a turnover of 912.86 million shares exchanged in 5,076 deals was recorded in the day’s trading.

The insurance sub-sector was the most active (measured by turnover volume); with 142.41 million shares exchanged by investors in 642 deals.

Volume in the sub-sector was largely driven by activities in the shares of AXA-Mansard Insurance Plc and Linkage Insurance Plc.

The premium sub-sector boosted by the activities in the shares of Zenith Bank Plc and Access Bank Plc followed with a turnover of 86.51 million shares in 1,608 deals.

Further analysis of the day’s trading showed that in percentage terms Afromedia Plc, Guinea Insurance Plc, NEM Insurance Plc, Prestige Assurance Plc, Union Dicon Plc and Wapic Insurance Plc topped the day’s gainers’ table with 10 per cent each to close at 22 kobo, 22 kobo, N2.53, 55 kobo, 33 kobo and 66 kobo per share respectively.

Livestock Feeds Plc followed with 9.91 per cent to close at N2.35 per share while AIICO Insurance Plc added 9.85 per cent to close at N1.45 per share.

On the other hand, Japaul Gold Plc led the losers’ with a drop of 9.86 per cent to close at N1.28 per share while ARDOVA Plc shed 8.63 per cent to close at N18.00 per share. FTN Cocoa Plc trailed with 8.33 per cent to close at 66 kobo per share.