Stock Market Extends Losses By N12 Billion

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The stock market extended losses to three consecutive sessions yesterday, causing market capitalisation to depreciate further by N12 billion.

At the close of transaction yesterday at the Nigerian Exchange Limited (NGX), the market capitalisation of listed equities declined by 0.06 per cent to N19.928 trillion from N19.940 trillion reported the previous day.

The All-Share Index (ASI) also depreciated by 23.13 basis points to 38233.68 points from 38256.76 points recorded on Tuesday. Analysts at Afrinvest Limited said: “We expect the market to remain bearish in the next trading session due to the absence of a positive catalyst.”

However, market sentiment, as measured by market breadth, was positive as 20 stocks appreciated in price while 14 others constituted the losers chart.

Investors traded 203.088 million shares valued at N1.815 billion in 3594 deals against 250.204 million shares worth N1.552 billion exchanged hands the previous day in 3534 deals.

On the price movement chart, John Holt led the gainers chart with 9.68 per cent to close at N0.68 kobo while Vitafoam followed with a gain of 9.19 per cent to N10.10 kobo.

Lasaco Insurance increased by 9.09 per cent to N1.56 kobo. C&I Leasing gained 8.52 per cent to N4.84 kobo. Learn Africa also added 7.84 to N1.10 kobo.

However, FTN Cocoa emerged the day’s highest price loser with 7.34 per cent to N0.38 kobo. NPF Micro Finance Bank trailed with a loss of 5.62 per cent to N1.68 kobo.

Flour Mills Nigeria Plc fell by 5.25 per cent to close at N27.95 kobo. Japaul Gold dipped by 1.75 per cent to close at N0.56 kobo while Wema Bank Plc dipped by 1.72 per cent to at N0.57 kobo.

The result further showed that Fidelity Bank was the toast of Investors during the day; exchanging 24.414 million shares cost N54.263 million.

Zenith Bank followed with account of 22.099 million shares cost N508.002 million, Mutual Benefits traded 16.934 million shares valued at N6.918 million.

Sovereign Insurance traded 16.862 million shares cost N4.631 million while Transnational Corporation of Nigeria exchanged 13.831 million shares valued at N11.646 million.

– The Guardian

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