Lafarge, Ecobank, Others Dip As Bearish Stock Market Drops N76.6bn
The Nigerian stock market closed the week on a negative note Friday when the exchange closed bearish.
The negative sentiment towards equities saw the All-Share Index ASI dipped 142.08 index points or 0.27 per cent, as the index closed at 51,979.92 basis points from 52,122.00 basis points on Thursday.
Remarkably, the NGX market capitalization stands at N28.03 trillion, up from N28.11 trillion the previous day, having lost N76.6 billion, representing a 0.27 per cent loss.
The sharp drop of the Nigerian Exchange Limited was as a result of fall in value of large and medium equity firms. Amongst which are; May and Baker Plc, RTBriscoe Plc, Lafarge Africa Plc, FTN Cocoa plc and Ecobamk Transnational incorporated (ETI) plc.
The market turnover increased by 35 per cent as investors bought and sold 205,2 million shares worth N3.058 billion in 3,600 deals compared to the previous trading session when a total of 151.94 million units of shares valued at N2.16 billion in 3,447 deals were transacted.
The market breadth closed negative with 18 losing equities and nine gainers as against 22 laggards and 13 advanced stocks.
The losers’ table wast led in percentage terms by May and Baker Plc, losing 10 per cent to close at N3. 60 kobo per share.
RTBriscoe Plc, fell by 9.09 per cent to settle at N0.40 kobo per share, while , Lafarge Africa Plc dipped 7.31 per cent to close at N24. 10 kobo per share.
Similarly, FTN Cocoa plc and Ecobamk Transnational incorporated (ETI) plc depreciated by 6.25 per cent and 5.66 per cent to settle at N0.30 kobo and N10 per share respectively.
On the flip side, International Brewerries olc dominated the gainers’ table in percentage terms, as the brewing giant rose 9.09 per cent to close at N5. 40 kobo per share.
In the same vein, Linkage Assurance plc jumped 7 .41 per cent to settle at N 0.58 kobo per share, while NEM Insurance plc appreciated by 7.26 per cent to close at N3. 40 kobo per share.
Also, Red star Express plc and Cutix plc soared by 5.69 per cent and 4.85 per cent to settle at N2.60 kobo and N2.38 kobo per share respectively.
The banking sector dominated the NGX market activity chart as United Bank for Africa (UBA) Plc was the most active stock in terms of volume, trading a total of 63. 74 million shares worth N465.3 million while Guaranty Trust Holding Company (GTCO) wast the most valuable equity, transacting 36.39 million units of shares valued at N755. 3 million.
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