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Market Digest Nigeria

Business

Stock market closes May bearish with N182bn loss

stock market
The Nigerian Stock Exchange

Trading activities on the floor of the Nigerian stock market yesterday finished the month of May negative as market capitalisation shed N182 billion following profit takings.

The market capitalisation dropped N182 billion or 1.30 per cent to close at N13.802 trillion, compared with N13.984 trillion recorded the previous day. Also, the All-Share Index lost 501.87 points or 1.30 per cent to close at 38,104.54, against 38,606.41 recorded the previous day due to huge losses by some blue chips.

Market watchers had predicted that activities in the market this week would be trailed by mixed performances due to month-end activities of fund managers and profit taking by market speculators.

They believe fund managers will engage in profit taking for account rebalancing ahead of June. CCNN Plc led the losers’ chart during the day, dropping by N10.12 per cent to N26.65 per share. FCMB Plc followed with 8.10 per cent to close at N2.27 kobo per share. FBNH Plc trailed with a gain of 5.73 per cent to close at N10.15 per share.

On the flip side, International Breweries Plc led the losers’ chart with a drop of 9.64 per cent to close at N44.50 per share. Forte Oil Plc followed with a loss of 9.09 per cent to close at N37.00 per share while Okomu Oil Plc dropped by 5.88 per cent to close at N80 per share.
Meanwhile, a turnover of 1.6 billion shares in 5,106 deals was recorded in the day’s trading.
Other financial institution of the financial services sub-sector was the most active during the day (measured by turnover volume); with 1.3 billion shares exchanged by investors in 1,750 deals.
Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.
The banking services sub-sector of the financial services sector boosted by the activities in the shares of Fidelity Bank Plc and Skye Bank Plc followed with a turnover of 34.7million shares in 683 deals.
The number of gainers at the close of trading session was 22 while decliners closed at 26. (New Telegraph)

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