Bearish trading dominated the Nigerian stock market on Thursday, leading to a loss of N134 billion or 0.24 per cent on the market capitalisation.
Specifically, the Nigerian Exchange Ltd.(NGX)market capitalisation which opened at N56.738 trillion, closed at N56.604 trillion.
The All-Share Index also declined by 0.24 per cent or 236.2 points to close at 100,063.32, compared to 100,299.48 recorded on Wednesday.
Consequently, the Year-To-Date (YTD) return fell to 33.82 per cent.
Selloffs in MTN Nigeria, Unity Bank, Wema Bank, Wapco, United Capital, Honeywell Flour, Mutual Benefits Assurance, among other declined equities propelled the market’s weak performance.
Meanwhile, market breadth closed negative with 25 losers and 24 gainers on the floor of the Exchange.
On the gainers’ chart, Daar Communications led by 8.33 per cent to close at N44k, UPDC Real Estate Investment Trust trailed closely by 8.26 per cent to close at five Naira per share.
Guinea Insurance lost 7.69 per cent to close at 36k, UPL declined by 6.67 per cent to close at N2.10 and MTN Nigeria dropped 6.54 per cent to close at N200 per share.
Conversely, Oando Plc led the gainers’ chart by 9.93 per cent to close at N15.50, Conoil followed by 9.52 per cent to close at N115 per share.
Veritas Kapital Assurance also gained 9.38 to close at N1.05, Neimeth International Pharmaceuticals advanced by 8.61 per cent to close at N1.64 and Jaiz Bank rose by 7.55 per cent to close at N2.28 per share.
Analysis of the market activities however showed trade turnover settled higher relative to the previous session, with the value of transactions up by 164.30 per cent.
A total of 863.58 million shares valued at N12.56 billion were exchanged in 7,931 deals,in contrast to 342.20 million shares valued at N4.75 billion exchanged in 7,592 deals traded in the previous session.
Meanwhile, Fidelity Bank led the activity chart in volume and value with 539.40 million shares worth N5.66 billion, followed by Guaranty Trust Holding Company(GTCO) with N59.43 million shares valued at N2.79 billion.
Veritas Kapital Assurance sold 40.42 million shares worth N41.49 million, United Bank For Africa(UBA) transacted N35.98 million shares valued at N839.60 billion. Zenith Bank traded 24.02 million shares worth N882.33 million.
NAN
