Stock market extends downtrend by 0.24%, as market capitalization lose N61bn

By Philemon Adedeji

Bearish sentiment extended for the second day of the week in the Nigerian equities market as losses occurred in GTCO, Stanbic IBTC, MTNN, Buacement and others drew market capitalization lower to N62 billion.

The downturn was impacted by losses in small and medium capitalised stocks amongst which are, Neimeth, Nigerian Breweries, MTNn, Zenith Bank, others.

The All-Share Index dropped by 113.48 basis points or 0.24 per cent lower to close at 47,322.97 points from 47,436.45 points it closed for previous trading. Similarly, the year-to-date (YTD) return fell to 10.78 per cent, while market capitalization lost N61.81billion to close at N25.775 trillion from N25.837 trillion it closed trade on Monday

Analysis of yesterday market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 5.44 per cent .

A total of 120.95 million shares valued at N1.65 billion were exchanged in 3,022 deals. TRANSCORP led the volume chart with 34.59 million units traded while MTNN led the value chart in deals worth N354.28 million.

The Market sentiments as measured by market breadth closed flat as  CHAMS plc  led  11 others on the gainer’s table while NEIMETH  Pharmaceutical Industry  led eleven 11 others on the decliners table. Chams plc emerged as the highest price gainer by 9.09 per cent to close at N0.24 per share, Wapic Insurance went up by 6.06 per cent to close at N0.35 per share, While NPF Microfinance rose significantly by 5.33 per cent to close at N1.58 per share

Jaizbank which recorded as the last fourth gainer grew by 3.66 per cent to close at N0.85 per share.

First City Monument Bank appreciated by 3.08 per cent to close at N3.35 per share.

However, Neimeth Pharmaceutical Industry led the losers chart by 7.97 per cent to close at N1.27 per share Followed by Nigerian Breweries which lost 7.66 per cent to close at N145.20 per share, While Caverton Offshore dipped by 5.68 Per cent to close at N0.83 per share.

Ecobank Transnational Incorporation went down by 5.16 per cent to close at N10.10 per share.

Union Bank of Nigeria which recorded as the last fifth loser depreciated by 4.80 per cent to close at N6.25 per share

Transaction in the shares of Transcorp topped the activities chart with 34.589 million share valued at 40.478 million, Accesscorp followed by 11.170 million share worth 94.915 million while Zenith Bank transacted 9.330 million share valued at 202.528 million.

First Bank Holding of Nigeria traded 8.731 million share worth 96.615 million.

Guaranty Trust Holding Company transacted 8.491 million share valued at 169.379 million.