Stock market down by N15bn on sell-off in some stocks

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By Philemon Adedeji

As the week opened yesterday, trading activities on the floor  of the Nigerian Exchange Limited (NGX), opened on  negative note  due to sell-off in some stocks.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are FTNcocoa, Lasaco Wapic Insurance and 16 others.

This is as market capitalisation of equities dropped by N15billion from N26.614 trillion the previous day to N26.629 trillion as market sentiment continue on negative territory.

Similarly, the stock market recorded 9 gainers  against 19 losers led by Ftncocoa processor to close the market breadth negative.

Absolutely, the All-Share Index decreased by 25.95 absolute points or 0.05 per cent to close at 49,344.67 index points as against 49,370.62 index points recorded on Friday the last trading day.

Similarly, the stock market recorded 9 gainers led by Courtville Business Solution against 19 losers led by Ftncocoa processor to close the market breadth negative.

In yesterday trading, the total trade volume of stood at 122.735 million shares valued by N1.301 billion and exchange in 3,915 deals.

On the gainers table, Courtville Business Solution led the gainers table with 9.09 per cent or 0.04 kobo to close at N0.48 per share, accompanied by Honey Flour which gained 8.68 per cent to close at N2.63 per cent, while Mutual Benefit Assurance grew significantly by 8 per cent to close at N0.27 per share.

Nem Insurance appreciated by 4.71 per cent to close at N4 per share and Champion Breweries up by 2.90 increased to close trade at N3.90 per share.

On the other hand, FTNcocoa processor led the losers table with 9.09 per cent to close at N0.30 per share, as followed by Lasaco which dipped by 8.65 per cent or 0.09 kobo to close trade at N0.95 per share, while Wapic Insurance which recorded as the third best loser depreciated by 0.03 kobo to close trade at N0.38 per share.

Ecobank Transnational Incorporated declined by 5.66 per cent to close at N10 per share and NGXGROUP diminished by 4.62 per cent or 0.95 kobo to close at N19.60 per share.

Transaction in the shares of Mutual Benefit Assurance topped the activity chart with 18.428 million shares valued by N4.975 million, followed by Transcorp which traded 9.230 million shares worth N9.717 million, while Guaranty Trust Holding Company accounted 8.576 million shares worth N173.740 million.

Sterling Bank transacted 7.938 million shares valued N11.909 million and Accesscorp accounted 7.866 million shares valued by N65.415 million.