Stock market extends losses as capitalization drops by N112bn

The Nigerian Stock market bourse sustained its negative run on Thursday recording the fourth consecutive loss, following profit taking in Dangote Cement, Zenith Bank and United Bank for Africa stocks.

Consequently, the market capitalisation dropped further by N112 billion or 0.51 per cent to close at N21.858 trillion against N21.970 trillion on Wednesday.

Also, the All-Share Index shed 214.21 points or 0.51 per cent to close at 41,785.80 from 42,000.01 recorded on Wednesday.

Accordingly, the month-to-date loss increased to 1.5 per cent, while the year-to-date gain moderated to 3.8 per cent.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Julius Berger, Northern Nigeria Flour Mills, Champion Breweries and Zenith Bank.

NNFM led the losers’ chart in percentage terms, losing 9.94 per cent to close at N7.88 per share.

Champion Breweries came second with 9.73 per cent to close at N3.06, while Linkage Assurance dropped 9.59 per cent to close at 66k per share.

FTN Cocoa Processors lost 9.43 per cent to close at 48k, while Jaiz Bank shed 9.33 per cent to close at 68k per share.

Market sentiment closed negative with 25 laggards compared with 22 gainers.

On the other hand, African Alliance Insurance and Guinea Insurance led the gainers’ chart in percentage terms, gaining 10 per cent each to close at 22k each.

McNichols followed with 9.84 per cent to close at 67k per share.

Wapic Insurance increased by 9.26 per cent to close at 59k, while May & Baker Nigeria appreciated by 7.69 per cent to close at N4.90 per share.

In spite of the drop in some indices, the total volume of shares traded rose by 24.7 per cent, as investors bought and sold 629.41 million shares worth N7.98 billion traded in 4,753 deals.

This was against a total of 504.84 million shares valued at N5.31 billion achieved in 5,887 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 126.36 million shares worth N923.18 million.

Guaranty Trust Bank followed with 87.21 million shares valued at N2.88 billion, while Union Bank of Nigeria sold 78.44 million shares worth N454.96 million.

FCMB Group traded 66.49 million shares valued at N232.24 million, while Transcorp transacted 40.96 million shares worth N41.30 million.