Stock Market Maintains Downward Momentum, Decline by N48.45bn
Kayode Tokede
The Nigerian stock market yesterday depreciated by N48.45billion to maintain its downward momentum for the second consecutive day over investors sell pressures on Conoil Plc, United Bank for Africa Plc, and 30 others.
As Conoil depreciated by 10 per cent to close at N331.20 per share, UBA’s stock price was down by 1.6 per cent to close at N37.00 per share, the Nigerian Exchange Limited All-Share Index depreciated by 0.1 per cent to close at 106,090.38 basispoints from 106,167.75
basis points it opened for trading.
Sequentially, the NGX ASI Month-to-Date and Year-to-Date returns moderated to -1.6per cent and +3.1per cent, respectively.
In terms of value, the overall market capitalisation closed for trading yesterday at N66.436trillion, representing a N48.45 billion decline from N66.485 trillion the stock market opened for trading.
Sectoral performance was mixed as the NGX Oil & Gas index down by -0.6per cent, NGX Consumer Goods dipped by 0.2per cent and NGX Insurance depreciated by 0.2per cent, while the NGX Banking Index added 0.3 per cent and the NGX Industrial Goods index closed flat.
The stock market breadth closed negative, as 19 stocks gained relative to 32 losers.
Tantalizer emerged the highest price gainer of 9.79per cent to close at N3.14, per share. NSL Tech followed with a gain of 9.68 per cent to close at N0.68, while Caverton rose by 9.09per cent to close at N3.00, per share.
FTN Cocoa grew by 6.51 per cent to close at N1.80kobo, while Jaiz Bank Plc up by 6.04 per cent to close at N3.51, per share.
On the other side, Conoil led the losers’ chart with 10 per cent to close at N331.20, per share. Berger Paints Plc followed with a decline of 9.81 per cent to close at N18.85, while International Insurance Plc shed 9.79 per cent to close at N1.75 kobo, per share.
Multiverse depreciated by 9.66per cent to close at N7.95 kobo, while Regency Insurance down by 8.70per cent to close at N0.63 kobo, per share.
The total volumes of trade increased by 361.8per cent to 1.50 billion units, valued at N10.26 billion, and exchanged in 11,748 deals.
The total volume traded rose by 361.8 per cent to 1.499 billion units, valued at N10.259 billion, and exchanged in 11,748 deals.
Transactions in the shares of Sovereign Trust Insurance led the activity with 989.733 million shares worth N987.477 million. Jaiz Bank followed with account of 187.354 million shares valued at N628.093 million, while Secure Electronic Technology traded 43.512 million shares valued at N28.621 million.
Zenith Bank traded 22.810 million shares worth N1.085 billion, while United Capital traded 18.282 million shares worth N346.426 million.
