Stock market closes negative as investors lose N5bn 

By Philemon

The Nigerian stock market yesterday ended mixed with a bearish tilt as the overall capitalisation shed N5 billion.

The All Share Index (ASI) decreased by 8.83 absolute points, representing a dip of 0.02 per cent to close at 51,944.58 points. Similarly, the market capitalisation lost N5 billion  to close at N28.295 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; May & Baker Nigeria, Zenith Bank, Nigerian Exchange Group, Fidelity Bank and Africa Prudential.

Also, market breadth closed negative, with 18 gainers versus 21 losers. Transnational Corporation (Transcorp)  recorded the highest price gain of 10 per cent to close at N1.54, per share. Wapic Insurance followed with a gain 9.69 per cent to close at 42 kobo, while Champion Breweries rose 7.64 per cent to close at N4.93, per share.

Mutual Benefits Assurance went up by 6.25 per cent to close at 34 kobo, while Prestige Assurance appreciated by 5.26 per cent to close at 40 kobo, per share. On the other hand, May & Baker Nigeria  led the losers’ chart by 10 per cent to close at N4.05, per share, per share. Ikeja Hotel followed with a decline of 9.24 per cent to close at N1.08, while Multiverse Mining and Exploration lost 7.60 per cent to close at N2.31, per share.

Academy Press lost 6.67 per cent to close at N1.26, while NPF Microfinance Bank shed 6.32 per cent to close at N1.78 per share.

However, the total volume traded rose by 18.72 per cent to 302.920 million units, valued at N2.023 billion, and exchanged in 3,743 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 107.213 million shares valued at N162.832 million. Fidelity Bank followed with 39.308 million shares worth N206.008 million, while United Bank for Africa (UBA) traded 22.603 million shares valued at N190.356 million.

Zenith Bank traded 20.614 million shares valued at N521.286 million, while FCMB Group transacted 12.611 million shares worth N47.830 million.