stock market
Trading floor of Nigeria Stock Exchange

Stock market extends decline by N60bn

Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed another drop in share prices as bears sustained their grip on the local bourse following the sell-off that pervaded the stock market.

Equities market losses widen the second trading day as investors remained on the side-line following investment profit takings.

The local bourse recorded 17 gainers against 25 losers. Consequently, the All-Share Index dipped 167.76 basis points or 0.45 per cent to close at 37,253.25 index points as against 37,421.01 recorded the previous day while market capitalisation of equities depreciated by N60 billion from N13.495 trillion the previous day to N13.555 trillion as market sentiment remained on the negative territory.

Meanwhile, a turnover of 287 million shares exchanged in 3,526 deals was recorded in the day’s trading.

The premium sub-sector was the most active during the day (measured by turnover volume); with 175.5 million shares exchanged by investors in 934 deals.

Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.

Also, the banking sub-sector of the financial services sector boosted by activities in the shares of GTB Plc and Diamond Bank Plc followed with a turnover of 33 million shares in 610 deals.Further analysis of the day’s trading showed that Custodian and Allied Investment Plc topped the day’s gainers’ table with 10.00 per cent to close at N6.27 per share while MC Nichols Plc followed with 9.88 per cent to close at 89 kobo per share. Mobil Oil Nigeria Plc added 9.39 per cent to close at N180.50 per share.

On the flip side, Julius Berger Nigeria Plc led the losers’ with a drop of 10.00 per cent to close at N27.00 per share while Thomas Watts Plc shed 9.82 per cent to close at 31 kobo per share. Linkage Assurance Plc plunged by 8.75 per cent to close at 73 kobo per share.