Loss in Wapic Insurance, others halt positive performance of stock market

By Philemon Adedeji

Loss in the shares of Wapic Insurance and 12 others halted  its four-day winning streak of stock market as the benchmark index dipped by 61.35 absolute points representing  0.13 per cent to close at 48,365.14 points from 48,426.49 points it closed for previous trading day.

Selloffs in telco heavyweight, MTNN (-2.27 per cent) as well as GTCO (-0.48 per cent), and WAPCO (-0.46 per cent) underpinned the market’s weak performance despite gains in BUACEMENT (+2.44 per cent), ZENITHBANK (+0.23 per cent) and UBA (+0.69 per cent).

The downturn was impacted by losses recorded in medium and large capitalised stocks amongst are Wapic Insurance, Capital Hotel, GTCO, Honey flour and others.

Specifically, the year-to-date (YTD) return fell to 13.22 per cent while market capitalisation lost N33.42 billion to close at N26.34 trillion from N26.376 billion it closed trade on Wednesday.

Analysis of yesterday’s market activities revealed trade turnover settled lower relative to the previous session, with the value of transactions down by 11.20 per cent.

In yesterday trading, the trade volume increased a bit by 1.3 per cent to close at 148,157,849 million units N2.98 billion were exchanged in 3,391 deals. Ecobank Transnational Incorporation led the volume chart with 26.36 million units traded, while MTNN led the value chart in deals worth N1.19 billion.

The market sentiments as measured by market breadth closed positive as CHAMS Plc led thirteen 13 others on the leader’s table, while HONEY FLOUR topped seven (7) others on the laggard’s log.

At the close of trade yesterday, Chams Plc led the leaders table with appreciation of 10 per cent to close at N0.24 per share, Rt.Briscoe which followed rose from N0.26 to N0.28, up by 7.69 per share while PZ Cussion grew significantly by 5.50 per cent to close at N10.90 per share.

Livestock went up by 4.50 per cent to close at N1.11 per share and Ecobank Transnational Incorporation which recorded as the last fifth gainer rose by 2.86 per cent to close at N10.50 per share.

However, Capital Hotel led the laggards table with 9.89 per cent to close at N2.76 per share followed by Honey flour which dipped by 9.09 per cent to close at N2.20 per share while Wapic Insurance depreciated by 8.11 per cent to close at N0.34 per share.

Abctrans which recorded as the last fourth loser declined by 7.41 per cent to close at N0.25 per share and Cadbury which recorded as the last fifth loser went down by 4.46 per cent to close at N10.70 per share.

Transaction in the share of Ecobank Transnational Incorporation topped the activities chart with 26.366 million shares worth N281.873 million, followed by First Bank Holding of Nigeria which transacted 25.797 million shares worth N278.468 million, while Transcorp Plc traded 12.887 million shares valued at N14.789 million.

Accesscorp accounted 9.610 million shares valued at N81.675 million.

Sterling Bank traded 9.206 million shares worth N12.649 million.