Stock Market Bearish, Dips N340bn
The Nigerian Stock Market has resumed trading Tuesday on a bearish note, with both the All-Share Index and market capitalisation falling by 1.66 per cent.
The Nigerian Exchange Limited (NGX) which was on break on Monday following a public holiday to mark the country’s Democracy Day recorded its biggest loss in months on Tuesday.
Remarkably, ASI declined by 648.99 index point or 1.66 per cent to close at 38,507.29 basis point down from its opening value at 39,156.28 basis point.
Also, the market capitalisation lost N340 billion or 1.66 per cent to keep the NGX’ total equity of listed companies at N20.069 trillion down from N20. 409 trillion.
The huge decline of the Equities market was impacted by depreciation in large and medium brands. Amongst which include; Airtel Africa Plc, Okomu Oil Plc, Cornerstone Insurance Plc, Learn Africa and Livestock Feed
The market turnover increased by 2.85 per cent, as investors bought and sold 297.346 million shares worth N3.649 billion in 4,402 deals, as against the 289.084 million shares worth N 3.545 billion in 3,719 deals that exchanged hands the previous trading session.
The market breadth returned negative with 25 losers and 20 gainers compared to 17 laggard Equities and 23 advanced stocks in the previous trading session.
The losers’ table was led in percentage parameters by Airtel Africa Plc, declining by 10 per cent to close at N753.30 Kobo per share.
Okomu Oil Plc and Cornerstone Insurance Plc fell by 9.44 and 9.09 per cent to close at N105.50 and N0. 50 Kobo per share respectively
Also,, Learn Africa dipped by 8 per cent to close at N0. 92 Kobo per share, while Livestock Feeds shed 4.74 per cent to close at N1. 81 Kobo per share.
Conversely, the gainers’ chart was dominated in percentage parameters by CWG, rising by 9.73 per cent to close at N1.24 Kobo per share.
Berger Paint Plc and Red Starex Plc surged by 6.72 and 4.19 per cent to close at N7. 15 Kobo and N3. 23 Kobo per share respectively.
NEM Insurance Plc and Coronation Insurance Plc appreciated by 3.89 and 3.64 per cent to close at N1. 87 Kobo and N0.57 Kobo per share respectively.
Access Bank Plc closed trading as the most active equity with 43.138 million shares worth N359.541 million shares, while Zenith Bank was the most valuable stock at N602.184.
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