Bears attempt comeback as stocks lose N27bn
The Nigerian stock market ended a four-day gaining streak on Thursday as the bears reclaimed the control of the trading floor.
The market capitalisation of equities dropped by N27 billion to N20.04 trillion at the close of the trading session.
The Nigerian Exchange Limited’s All-Share Index dipped by 0.82 per cent to 38,469.87 basis points from 38,501.31 on Wednesday.
The volume of shares traded plunged by 19.54 per cent from 296.10 million shares valued at N2.56 billion traded in 4,507 deals on Wednesday to 238.24 million shares worth N2.58bn exchanged in 3,927 deals on Thursday.
By volume of shares traded, Transnational Corporation of Nigeria Plc led others as 34.44 million of its shares were traded in 149 deals.
Zenith Bank Plc was the most traded stock by value as N590.35 million worth of its shares were traded.
There were more losers than gainers at the end of trading on the floor of the NGX, with 16 companies recording losses as against 12 gainers.
Prestige Assurance Plc lost 10.00 per cent to close the day at N0.45 per share. It was followed by Pharm-Deko Plc as its share price fell by 9.70 per cent to close at N1.21.
The other top losers were University Press Plc (-7.88 per cent), Coronation Insurance Plc (-5.08 per cent) and Mutual Benefits Assurance Plc (-4.65 per cent).
On top of the gainers’ list was NEM Insurance Plc, which gained 10.00 per cent close at N2.20 per share. Courtville Business Solutions Plc followed closely with a 9.52 per cent gain as it ended the day at N0.23 per share.
The Nigerian Aviation Handling Company Plc, Caverton Offshore Support Group Plc and Transnational Corporation of Nigeria Plc were the other top gainers with 5.71 per cent, 4.42 per cent, and 4.40 per cent respectively.
Analysts from Cordros Securities attributed the day’s losses to sell-offs in Tier 1 banks, namely Access Bank Plc (-2.6 per cent) and United Bank for Africa Plc (-2.6 per cent).