Market Index Slips as Equities Investors Offload Stocks
The stock market on Thursday recorded a downturn as performance indices declined by 0.01 per cent. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N8 billion, or 0.01 per cent, to N66.147 trillion from N66.155 trillion recorded on Wednesday.
The All-Share Index also dropped by 0.01 per cent or 13.37 points to close at 105,511.89, down from 105,525.26 posted on Wednesday. The decline was attributed to portfolio adjustments by dividend-seeking investors.
Also, the market breadth closed negative with 29 losers and 19 gainers. On the losers’ chart, Lasaco Assurance and AXA Mansard dropped by 10 per cent each to close at N2.34 and N8.64 per share, respectively.
May Baker Nigeria fell by 8.72 per cent to close at N7.85, while Guinea Insurance declined by 8.70 per cent to close at 63 kobo. Similarly, FTN Cocoa Processors lost by 6.43 per cent to close at N1.60 per share.
On the gainers’ chart, Learn Africa and Livestock Feeds soared by 10 per cent each to close at N3.30 and N7.92 per share, respectively. VFD Group increased by 9.83 per cent to close at N59.00, while Union Dicon Salt grew by 9.43 per cent to close at N5.80 per share.
Also, Nigeria Exchange Group gained by 8.17 per cent to close at N32.45 per share. A total of 348.28 million shares worth N8.108 billion were exchanged across 11,444 transactions.
This is compared to 397.19 million shares valued at N8.74 billion that was exchanged across 13,667 transactions recorded previously. Transactions in the shares of United Bank for Africa topped the activity chart with 26.32 million shares worth N972.39 million.
United Capital followed with 25.60 million shares valued at N391.50 million, while First City Monument Bank traded 24.154 million shares worth N211.16 million.
Zenith Bank sold 22.864 million shares valued at N1 billion, and Fidelity Bank transacted 22.59 million shares worth N441.65 million. #Market Index Slips as Equities Investors Offload Stocks NASCON Rises as Investors Take Position After Dividend Notice
