Stock Market Dips Further, Loses N9.9bn
The Nigerian stock market remained bearish Wednesday following the negative closure of trading activities on the Exchange.
The NGX All-Share Index (ASI) dropped 18.29 index points or 0.04 per cent to settle at 49,691.17 points, down from 49,709.46 points recorded the previous day.
Also, the market capitalisation depreciated by N9.9 billion, representing a 0.04 per cent fall, to close at N26.80 trillion compared to N26.81 trillion reported Tuesday.
The marginal dip in equities was impacted by the drop in value of medium scale firms like Courtville Plc, SCOA Plc, Sky Aviation Plc, Regency Assurance Plc and Honeywell floors Plc.
The trade turnover decreased by 37 per cent when investors transacted 128.79 million units of shares worth N4.12 billion in 3,492 deals against 204.16 million shares valued at N1.64 billion in 3,643 deals that exchanged hands the previous day.
The market breadth closed negative with twenty-one losers and seven gainers.
The gainers’ table was led in percentage terms by Prestige Assurance Plc, as the insurance firm rose 9.09 per cent to settle at N0.48 kobo per share.
Sovereign Trust Insurance Plc and Lasaco Assurance Plc appreciated by 8 per cent and 6.48 per cent to close at N0. 27 kobo and N1.15 kobo per share respectively.
Similarly, Unity Bank Plc gained 4.65 per cent to settle at N0.45 kobo per share, while Academy Press Plc soared by 2.40 per cent to close at N2.15 kobo per share.
Conversely, Courtville Plc, closed the market as the biggest losers in percentage parameters, falling 9.80 per cent to settle at N0.46 kobo per share.
SCOA Plc, dipped 9.79 per cent to settle at N1.75 kobo per share, while Sky Aviation Plc, declined by 9.73 per cent to close at N5.10 kobo per share.
In the same vein, Regency Assurance Plc and Honeywell floors Plc lost 8 per cent and 5.36 per cent to settle at N0.23 kobo and N2.65 kobo per share respectively.
FBN Holdings Plc was the most active stock in volume terms on the NGX, transacting 28.36 million shares worth N303.2 million, while Zenith Bank Plc was the most valuable, trading 16.65 million shares valued at N361.6 million.
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