Stock Market Plunges 0.59% Further On Persistent Sell Pressure
UMORU ABDULKADIR
Banking stocks dominated activity chart in the Nigerian Equity Market Tuesday, as the bears tightened their grip on the market to sustain its negative trend when it closed at 29,378.63 points.
The All Share Index declined by 174.36 basis points or 0.59 per cent to close further lower at 29,378.63 points as against 29,552.99 points achieved the previous day, while the market capitalisation dipped N9 billion or 0.59 per cent %to settle at N15.133 trillion at the end of Tuesday’s trading.
Consequently, the market breadth also closed negative with 9 gainers led by Julius Berger on the back of its just-released financial statement for the fourth quarter period ended December 31, 2019 against 23 losers topped by Total Oil Plc
Total Oil Plc led the losers’ chart when it shed N10 to close trading at N107 per share. It was followed by Flour Mills Nigeria Plc which lost 130 kobo to close at N21.15 per share. Guaranty Trust Bank depreciated in share price by 100 to close at N31 per share. Stanbic IBTC dropped 100 kobo to close at N41.50 per share, while GlaxoSmithKline fell by 55 kobo to round off the table for top five losers at N5.45 per unit of share.
A further breakdown of the price movement table shows that Julius Berger Plc, upon its impressive performance in its financial statements for the full year 2019 attracted investors as it gained 200 kobo to lead 9 gainers on the day. It was followed by National Hajj Commission which inched up 26 kobo to close at N2.95 per share. NEM Insurance occupied third place with 20 kobo price appreciation to close at N2.4 per share.
Following its 126.5 per cent growth in Profit After Tax (PAT) for the fourth quarter period ended 31st December 2019, Investors swoop on the shares of Vitafoam Nigeria Plc, as it recorded 20 kobo price appreciation to close at N5.5 per share while Africa Prudential nicked 7 kobo to close at N4.67 per share, among others.
Banking stocks were investors’ toast on the day, as Stanbic IBTC Holdings Plc achieved the highest turnover of 43 million shares worth N1.78 billion exchanged in 21 deals, followed by Zenith Bank Plc which accounted for 34.3 million units of shares valued at N724.1 million achieved across 475 deals. United Bank for Africa also sold 18.6 million shares estimated at N151.4 million in 314 deals.
While Fidelity Bank exchanged 17.6 million shares worth N37.8 million transacted in 106 deals, Guaranty Trust Bank accounted for 15.1 million units of shares valued at N467.9 million traded in 370 deals.
In all, the market turnover closed mixed again, as a total of 250.9 million shares worth N4.83 billion were traded by investors in 4,561 deals lower than 444.04 million unit of shares valued at N3.35 billion achieved on Monday, representing 43.5 per cent decrease in total turnover volume and 44.2 per cent rise in turnover value respectively.
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