Stock market sustains fall with N185bn loss

The Nigerian equity market yesterday tumbled for the third consecutive trading day as sell pressure was unabated, producing 31 losers against seven gainers apiece.

Key market indicators, the NSE ASI and market capitalisation, each declined by 1.48 per cent as bargain hunters remained on the sideline following the incoming Muslim festival.Consequently, the All-Share Index dipped 536.8 basis points or 1.48 per cent to close at 35,629.13 as against 36.165.93 recorded the previous day, while the market capitalisation of equities depreciated by N185 billion or 1.48 per cent to N12.280 trillion from N12.465 trillion as market sentiment remained on the red zone.Meanwhile, a turnover of 239.9 million shares exchanged in 4,371 deals was recorded in the day’s trading.The banking sub-sector of the financial services segment was the most active (measured by turnover volume) with 173.3 million shares exchanged by investors in 1,956 deals. Volume in the sub-sector was largely driven by activities in the shares of GTB Plc and Sterling Bank Plc.

Premium sub-sector boosted by activities in the shares of Zenith Bank Plc and FBNH Plc followed with a turnover of 21.8 million shares traded in 559 deals.Shares of Cutix Plc led the gainers chart, appreciating by 9.95 per cent to close at N2.43 per share. May and Baker Plc followed with a gain of 4.51 per cent to close at N3.01 per share, while Continental Insurance Plc gained 4.48 per cent to close at N1.40 per share.On the flip side, shares of First Aluminum Plc and Nacho Plc led the losers with five per cent each to close at 57 kobo and N3.23 per share respectively. Mobil Oil Nigeria Plc and plunged 4.99 per cent to close at N165.11 per share while Dangote Sugar Plc dropped 4.29 per cent to close at N2.01 per share.