Equities market declines by N16bn
By Philemon Adedeji
The Nigerian stock market on Wednesday extended its losing streak for the third consecutive session as market capitalisation dipped N16billion.
The All Share Index (ASI) decreased by 29.96 absolute points, representing a dip of 0.06 per cent to close at 51,556.54 points. Obviously, the market capitalisation value lost N16 billion to close at N27.795 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Union Bank of Nigeria (UBN), Champion Breweries, NEM Insurance, International Breweries and University Press and 12 others.
However, market breadth closed slightly positive, with 17 gainers against 16 losers.
Academy Press recorded the highest price gain of 9.79 per cent to close at N1.57 per share. Consolidated Hallmark Insurance followed with a gain 8.70 per cent to close at 75 kobo, while Japaul Gold and Ventures rose 7.41 per cent to close at 29 kobo, per share.
UPDC Real Estate Investment Trust went up by 4.35 per cent to close at N3.60, while Chams appreciated by 4.17 per cent to close at 25 kobo per share.
On the other hand, Champion Breweries and NEM Insurance led the losers’ chart by 10 per cent each to close at N3.60 and N3.42 respectively, while Union Bank followed with a decline of 9.76 per cent to close at N5.55, per share.
University Press lost 8.91 per cent to close at N2.35, while R.T. Briscoe Nigeria shed 7.50 per cent to close at 37 kobo, per share.
Meanwhile, the total volume traded dipped 42.35 per cent to 135.259 million shares, worth N1.439 billion, and traded in 3,745 deals.
Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 15.551 million shares valued at N19.586 million. Guaranty Trust Holding Company (GTCO) followed with 13.111 million shares worth N267.085 million, while UACN Property Development (UPDC) traded 11.967 million shares valued at N14.617 million.
United Bank for Africa (UBA) traded 10.554 million shares valued at N78.917 million, while Chams transacted 7.825 million shares worth N1.942 million.
