Stock market closes lower 0.1%, as market capitalisation lose N2bn

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By Philemon Adedeji

The Nigerian equities market opened the new month mixed albeit with a bearish tilt as the benchmark index closed marginally lower by 3.4 absolute points or 0.1 per cent to settle at 47,656.64 points from 47,660.04 points it closed trade on Wednesday.

Nevertheless, the index remains on track for its third consecutive weekly gain. Selloffs in Telco heavyweight, MTNN (-1.60 per cent), offset gains in Tier-1 banking names, ZENITH BANK (+3.88 per cent), GTCO (+1.50 per cent) and ACCESSCORP (+1.76 per cent) to keep the market down.

Consequently, the year-to-date (YTD) return stood at 11.57 per cent and market capitalization lost N2 billion to close at N25.957 trillion from N25.959 trillion it closed for previous trading day.

Analysis of yesterday market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 115.63 per cent.

A total of 172.895,498 million shares, valued at N2.843 billion were exchanged in 3,073 deals. FCMB  led the volume chart with 49.80 million units traded while MTNN led the value chart in deals worth N891.98 million.

Market breadth closed positive at a 1.22-to-1 ratio with advancing issues outnumbering declining ones. Upcredit led ten others on the leader’s table while Honey Flour  topped eight others on the laggard’s log.

Updcreit was the highest price gainer at the close of trade on Thursday appreciated rose from N2.75 to N3.00, up 9.09 per cent, Mcnichols which followed grew from N0.56 to N0.61, up 8.93 per cent, while Japaulgold increased from N0.27 to N0.29, up 7.41 per cent.

Nigerian Breweries which recorded as the last fourth gainer rose from N42 to N45, up 7.14 per cent and Royalex Exchange which recorded as the last fifth gainer appreciated 4.76 per cent to close at N0.60 per share.

However, Honey Flour emerged as the highest price loser at the close of trade which depreciated by 7.89 per cent to close at N2.10 per share followed by Rt.briscoe went down by 7.41 per cent to close at N0.25 per share while Wema Bank which recorded as the last fifth loser dipped by 5.45 per cent to close at N3.12 per share.

First City Monument Bank dropped by 4.18 per cent to close at N3.21 per share and Cutix plc which recorded as the last fifth loser declined by 2.84 per cent to close at N2.05 per share.

Transaction in the shares of First City Monument Bank topped the activities chart with 49.801 million shares valued at N172.789 million, followed by Courtville Business Solution which transacted 16.864 million shares worth N8.432 million, While Accesscorp plc traded 11.962 million shares valued at N102.999 million.

United Bank of Africa traded 10.768 million shares worth N79.370 million

Zenith Bank accounted 9.785 million shares worth N221.417 million.