Equities Market Plunges Further, Loses N301bn
The Nigerian equities market has plunged further on Wednesday as the All-Share Index (ASI) and Market Capitalization fell by 1.48 percent.
The loss of the Nigerian Bourse during Wednesday’s trading session also shows that the Stock market depreciated by 6.56 percent year-till- date(YTD), having opened the year at 41, 147. 39 basis point.
The ASI shed 577.43 index point to close at 38,445.09 basis point down from 39,022.52 basis point it opened trading with.
Also, the market capitalisation declined by N301 billion or 1.48 percent to close trading at N20.038 trillion from N20.339 trillion.
The heavy decline of the stock market was as a result of drop in the share value of large and medium brands like Airtel Africa Plc, C and I Leading, Royal Exchange, BOC Gas and Northern Nigeria Flour Mills Plc.
The market turnover decreased by 24.9 percent as 153. 643 million shares worth N 2. 445 billion in 3,494 deals exchanged hands, as against when investors bought and sold 204.646 million shares valued at N1.839 billion in 3,940 deals the previous trading session.
The market breadth was flat, with 22 gainers and 22 losers compared to 22 laggard equities as against 16 advanced stocks on Tuesday.
The advanced stocks were dominated in percentage parameters by MRS Oil Nigeria Plc, appreciating by 10 percent to close at N12. 10 Kobo per share.
Seplat Petroleum also rose by 10 percent to close at N682 per share, while Sterling Bank Plc surged by 9.74 percent to close at N1. 69 Kobo per share.
Japaul Gold Plc and Regency Assurance Plc soared by 9.62 and 8.82 percent to close at N0. 57 Kobo and N0. 37 Kobo per share respectively
On the flip side, the laggard equities were led in percentage ramifications, by Airtel Africa pl, when it dipped by 10 percent to close at N837 per share.
C and I Leading lost 10 percent to close at N4. 50 Kobo per share, while BOC Gas Plc fell by 9.96 percent to close at N11.03 Kobo per share.
Royal Exchange Plc and Northern Nigeria Flour Mills Plc depreciated by 9. 64 and 8.94 percent to close at N0. 75 Kobo and N5. 60 Kobo per share respectively.
UAC Nigeria closed trading as the most active stock at 10. 013 million shares valued at N103.441 million, while Zenith Bank was the most valuable equity at N222.846 million.
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