Selloffs in Wapco Insurance, others drag stock market to N13bn
By Philemon Adedeji
Losses recorded by Guaranty Trust Holding Company (GTCO), Wapic Insurance among others by Nigerian Exchange Limited (NGX) dragged stock market to N13billion at the end of trading session on Thursday.
The losses recorded offset the gains in First Bank Holding of Nigeria (FBNH) (+0.91 per cent), United Bank of Africa (UBA) (+2.40 per cent) and Oando (+0.71 per cent) keeping the market’s overall performance in the red zone.
Over the course of the week, Airtel Africa (-1.35 per cent w/w) and GTCO (-4.31 per cent w/w) were the major drags on the broader index.
All-Share Index (ASI) declined by 24.84 basis points to represent 0.05 per cent to close at 52,994.13 basis points from 53,018.97 basis points it closed for previous trading day.
Consequently, the year-to-date (YTD) return fell to 3.40 per cent, while the market capitalisation shed N13 billion to close at N28.869 trillion from N28.882 trillion it closed trade on Wednesday.
The breakdown of yesterday’s market activities showed trade turnover closed lower relative to the previous session, with the value of transactions down by 27.88 per cent.
In yesterday trading, the trade volume increased by 35.3 per cent to close at 266,953,200 million shares valued at N1.923 billion were exchanged in 3,651 deals.
Transnational Corporation led the volume chart with 147.15 million units traded, while Zenith Bank led the value chart in deals worth N487.11 million.
The market sentiments as measured by market breadth closed negative as AIICO Insurance led 9 gainers on the leaders log as against UPL that led 18 loser on the Laggards log.
On the positive side, AIICO Insurance recorded as the most price gainer which appreciated by 5.26 per cent to close at N0.60 per share, Academy press which followed grew by 4.65 per cent increased to close at N1.35 per share, while Chams Plc rose by 4.35 per cent to close at N0.24 per share.
United Bank of Africa (UBA) which came as the last fourth gainer went up by 2.40 per cent to close at N8.55 per share, while Champion Breweries which recorded as the last fifth gainer appreciated by 2.00 per cent to close at N5.10 per share.
However, on the losers chart, UPL recorded as the most price loser which depreciated by 10.00 per cent to close at N1.80 per share, Sterling Bank which followed suffered 7.50 per cent to close at N1.48 per share, while Wapic Insurance shed 6.98 per cent to close at N0.40 per share.
Eternal Oil which recorded as the last fourth loser dipped by 5.98 per cent to close at N5.50 per share, while FTNCOCOA Processor which recorded as the last fifth loser went down by 3.57 per cent to at N0.27 per share.
Transaction in the shares of Transnational Corporation topped the activities chart with 147.152 million shares worth N205.686 million, closely followed by Zenith Bank which exchanged 19.107 million shares valued at N487.110 million, while United Bank of Africa (UBA) transacted 18.019 million shares worth N152.385 million.
Access Corporation exchanged 12.117 million shares worth N108.866 million, while AXA Mansard Insurance traded 7.354 million shares worth N16.264 million.
