Stock market down N95bn on sale pressure

Activities on the Nigerian bourse on Thursday reversed Wednesday’s positive sentiment with a loss of N95bn in market capitalisation following profit taking on bellwether stocks.

Consequently, the market breadth closed negative, recording three gainers against nine losers.

Consequently, the All-Share Index dipped 6.58 basis points or 0.02 cent to close at 27,878.43 index points as against 29.871.90 recorded the previous trading session while market capitalisation of equities depreciated by N95bn from N14.519tn the previous day to N14.424tn as market sentiment remained on the negative territory.

Meanwhile, a turnover of 44.4 million shares exchanged in 1,090 deals was recorded in the day’s trading.

The premium sub-sector was the most active, measured by turnover volume with 18.9 million shares exchanged by investors in 471 deals.

Volume in the subsector was largely driven by activities in the shares of Access Bank Plc and MTN Nigeria Plc.

Also, the banking subsector boosted by the activities in the shares of Sterling Bank Plc and Wema Bank Plc followed with a turnover of  3.9 million shares in 113 deals.

Further analysis of the day’s trading showed that in percentage terms  UCAP  Plc topped the day’s gainers’ table with 6.15 per cent to close at N2.76 per share while BUA Cement  Plc followed with 1.42 per cent to close at N35.80 per share.

Sterling Bank Plc added 1.56 per cent to close at 65 kobo per share.

On the flip side, Japaul Oil Plc led the losers’ with a drop of 8.33 per cent to close at 22 kobo per share while NEM Insurance Plc shed 7.27 per cent to close at N2.04 per share.
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