Stock market closes negative as capitalisation down N36bn

By Philemon Adedeji

At the Nigerian Exchange Limited (NGX), the Equities market closed negative amid bearish sentiments as market capitalization went down by N36 billion.

Specifically, the NGX All-Share Index shed 67.15 absolute points representing 0.12 per cent to close at 54,359.9 index points from 54,427.05 index points it closed trade on Wednesday.

The Year-to-date (YTD) return to 6.07 per cent, while market capitalisation value lost N36 billion to close at N29.575 trillion from N29.644 trillion it closed trade on Wednesday.

The downturn performance was impacted by losses recorded in medium and large capitalised stocks which are Fidelity Bank, Glaxosmith, Veritaskap Insurance and 14 others.

The trade volume increased by 48.7 per cent to close at 225,377,963 million shares worth N3.149 billion exchanged in 3,339 deals.

The market sentiments as measured by market breadth closed negative as 16 stocks led the leaders log, while 17 stocks led the laggards log.

On the performance board, NNFM emerged as the highest price gainer which appreciated by 9.74 per cent increased to close at N10.70 per share, Redstarex which followed grew significantly by 9.49 per cent to close at N2.77 per share, while Transexpr increased by 9.46 per cent to close at N0.81 per share.

Sunu Assurance which came as the last fourth gainer rose by 9.38 per cent to close at N0.35 per share.

Triple G which recorded as the last fifth gainer went up by 8.70 per cent to close at N1.25 per share.

However, on the laggards log, Glaxosmith led with 7.91 per cent to close at N6.40 per share, followed by Veritaskap Insurance and Cornerstone Insurance which depreciated by 4.76 per cent each to close at N0.20 and N0.60 per share.

Wapic Insurance which recorded as the last fourth loser shed 4.44 per cent to close at N0.43 per share.

Fidelity Bank which recorded as the last fifth loser dipped by 3.39 per cent to close at N5.70 per share.

Transaction in the shares of UNIVINSURE topped the activities chart with 71.809 million shares valued at N14.362 million, closely followed by Guaranty Trust Holding Company which transacted 22.316 million shares worth N560.373 million, while Sterling Bank traded 12.909 million shares valued at N19.752 million.

AIICO Insurance 11.431 million shares worth N6.905 million.

First Bank Holding of Nigeria transacted 10.900 million shares valued at N128.802 million.