Market Cap Drops By N111bn As Stocks Fall Further

The nation’s equities market extended its decline on Thursday as it shed N111bn following the price depreciation recorded by 31 stocks at the close of trading.

The All-Share Index and market capitalisation of equities listed on the Nigerian Stock Exchange fell by 0.88 per cent to close at 34,110.22 basis points and N12.452tn respectively.

Similarly, all other indices finished lower with the exception of the Oil and Gas and the NSE Industrial Goods indices that rose by 0.15 per cent and 0.38 per cent, respectively, while NSE ASeM Index closed flat.

Thirty-one equities depreciated in price on Thursday, higher than 26 equities on Wednesday, while 19 equities appreciated in price, lower than 20 on Wednesday.

The banking sector index dropped by 2.49 per cent on the back of losses in Diamond Bank Plc, Ecobank Transnational Incorporated, Fidelity Bank Plc, Guaranty Trust Bank Plc, and Jaiz Bank Plc.

The insurance sector index also depreciated by 0.21 per cent due to losses in AIICO Insurance Plc, Law Union and Rock Insurance Plc, Mutual Benefits Assurance Plc, and Niger Insurance Plc.

Similarly, the consumer goods index decreased by 1.06 per cent.

The top performers were AG Leventis Nigeria Plc, Fidson Healthcare Plc, Sovereign Trust Insurance Plc, Royal Exchange Plc, and Unity Bank Plc, which appreciated respectively by 10 per cent, 9.09 per cent, 8.70 per cent, 8.33 per cent, and 6.76 per cent.

The top losers were Wapic Insurance Plc, Eterna Plc, Law Union and Rock Insurance Plc, Standard Alliance Insurance Plc, and Unilever Nigeria Plc, which depreciated by 10 per cent, 9.42 per cent, 9.09 per cent, 8.57 per cent and 6.40 per cent, respectively.

A total turnover of 1.147 billion shares worth N12.546bn in 16,649 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 925.630 million shares valued at N8.333bn that exchanged hands in 15,565 deals the week before.