Stock Market Suffers N37bn Decline

The stock market suffered N37bn decline on Tuesday following a six-day successive bullish run on the floor of the Nigerian Exchange Limited after profit-taking activity.

The All-Share Index slumped by 67.98 absolute points, representing a decrease of 0.13 per cent to close at 54,299.76 points.

Similarly, the overall market capitalisation value lost N37bn to close at N29.576tn.

This bearishness was driven by price depreciation in large and medium capitalised stocks including Geregu Power, Dangote Cement, Nigerian Exchange Group, Ardova, and UAC of Nigeria.

Market breadth closed negative as 26 stocks lost relative to 20 gainers. Conoil recorded the highest price gain of 10 per cent to close at N29.50, per share.

MRS Oil Nigeria followed with a gain of 9.82 per cent to close at N21.25, while International Energy Insurance gained 9.35 per cent to close at N1.17, per share.

GlaxoSmithKline Consumer Nigeria appreciated by 6.92 per cent to close at N6.95, while Wapic Insurance gained 4.65 per cent to close at N0.45 kobo, per share.

On the other hand, Japaul Gold & Ventures led the losers’ chart by 9.38 per cent to close at N0.29 kobo, while FCMB Group followed with a decline of 7.82 per cent to close at N4.60, per share.

Royal Exchange shed 7.32 per cent to close at N0.76 kobo, while Linkage Assurance and UACN shed 6.12 per cent each to close at N0.46 kobo and N9.20 respectively, per share.

Meanwhile, the total volume of trades grew by 4.38 per cent to 200.035 million units, valued at N7.622bn, and exchanged in 4,380 deals.

Transactions in the shares of FCMB Group topped the activity chart with 27.983 million shares valued at N130.017m.

Geregu Power followed with 21.130 million shares worth N4.176bn, while Sterling Bank traded 18.837 million shares valued at N28.934m.

Transnational Corporation of Nigeria traded 15.768 million shares valued at N21.164m, while Zenith Bank transacted 14.670 million shares worth N366.988m.