Stocks market closes negative as capitalisation declines further by N313bn
By Philemon Adedeji
Equities market extends its losing streak for the fifth successive session, as the domestic bourse ended lower, meanwhile the benchmark All-Share Index (ASI) eroded by 574.59 basis points or 1.04 per cent to close at 54,915.61 basis points from 55,490.20 basis points it closed trade on Wednesday.
Bearish sentiment in telco heavyweight, MTNN (-4.95 per cent) alongside Guaranty Trust Holding Company (GTCO)(-1.20 per cent) and Wapco Insurance (-1.96 per cent) drove the market’s weak performance.
Consequently, the year-to-date (YTD) return fell to 7.15 per cent, with market capitalisation value droping N313.02 billion to close at N29.915 trillion from N30.228 trillion it closed for the previous trading day.
The downturn performance was impacted by losses recorded in medium and large capitalised stocks which are Ecobank Transnational Corporation, IMG, MTNN, Royalex Exchange.
Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 55.66 per cent.
Yesterday, the trade volume decreased to 137,286,570 million shares worth N1.509 billion were exchanged in 3,489 deals.
Transnational Incorporation led the volume chart with 26.09 million units traded, while Zenith Bank led the value chart in deals worth N353.89 million.
Market breadth closed negative as Chams Plc topped eight gainers on the leaders logs, while Ecobank Transnational Incorporation led 25 losers on the laggards logs.
On the leaders logs, Chams Plc led as the overall best loser which appreciated by 8.70 per cent to close at N0.25 per share, UPL which followed rose by 7.57 per cent to close at N1.99 per share, while Living Trust Mortgage Bank which recorded as the last third gainer grew by 3.37 per cent to close at N3.07 per share.
Sterling Bank went up by 2.67 per cent to close at N1.54 per share, While Zenith Bank which recorded as the last fifth loser rose by 2.62 per cent to close at N24.45 per share.
However, on the losers chart, Ecobank Transnational Incorporation led as the highest price loser which shed 10.00 per cent to close at N10.80 per share, followed by IMG which depreciated by 9.32 per cent to close at N7.30 per share.
Royalex Exchange dipped by 8.22 per cent to close at N0.67 per share Rtbriscoe which recorded as the last fourth loser went down by 7.69 per cent to close at N0.24 per share, while International Energy Insurance which recorded as the last fifth loser declined by 6.92 per cent to close at N1.21 per share.
Transaction in the shares of Transnational Corporation topped the activities chart with 26.084 million shares valued at N33.978 million, closely followed by Zenith Bank which exchanged 14.721 million shares worth N353.890 million.
While Sterling Bank transacted 13.230 million shares valued at N20.018 million.
United Bank of Africa exchanged 10.241 million shares worth N81.385 million, while Access Corporation accounted 7.625 million shares worth N66.201 million.
