Stock Market Maintains Losing Streak, Down N7bn

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Activities on the Nigerian stock market yesterday ended mixed, albeit with a bearish tilt as the market capitalisation lost N7 billion.

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The All Share Index (ASI) decreased by 12.90 absolute points, representing a dip of 0.02 per cent to close at 52,599.65 points. Similarly, the market capitalisation lost N7 billion  to close at N28.650 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Geregu Power, MTN Nigeria Communications (MTNN), Nigerian Exchange Group (NGXGroup), Cadbury Nigeria and United Bank for Africa (UBA).

On market outlook, analysts at GTI Securities Limited said “we expect positive sentiment to be sustained as investors lean towards financial stocks and other defensive stocks.”However, market breadth, measured by market sentiment was positive, as 21 stocks gained relative to 16 losers. Chellaram, R.T. Briscoe Nigeria and Tripple Gee & Company recorded the highest price gain of 10 per cent each to close at N1.65, 33 kobo and 88 kobo, per share. Okomu Oil followed with a gain 9.76 per cent to close at N181.10, while Caverton Offshore Support Group appreciated by 8.42 per cent to close at N1.03, per share.

On the other hand, Thomas Wyatt Nigeria led the losers’ chart by 9.66 per cent to close at N1.31, per share. Cornerstone Insurance followed with a decline of 6.90 per cent to close at 54 kobo, while Geregu Power went down by 5.90 to close at N134.00, per share. Honeywell Flour Mills lost 5.15 per cent to close at N2.21, while Computer Warehouse Group (CWG) shed 4.26 per cent to close at 90 kobo, per share.

The total volume traded declined by 34.3 per cent to 119.844 million units, valued at N2.690 billion, and exchanged in 3,552 deals. Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 11.258 million shares valued at N3.865 million. Transnational Corporation of Nigeria (Transcorp) followed with 8.752 million shares worth N10.606 million, while Geregu Power traded 8.536 million shares valued at N1.144 billion.

FBN Holdings (FBNH) transacted 7.690 million shares worth N89.816 million, while Guaranty Trust Holding Company (GTCO) traded 6.713 million shares valued at N161.998 million.

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