Equity market records N29bn loss

Johnson Okafor

Trading activities on the floor of the Nigerian Stock Exchange fell by 0.22 per cent on Thursday to halt its gaining streak as market speculators began profit-taking.

Consequently, the All-Share Index dropped by 53.22 basis points or 0.22 per cent to close at 25,166.01 basis points as against 25,221.23 recorded the previous day. The market capitalisation of equities depreciated by N29bn or 0.22 per cent to close at N13.115tn from N13.144tn as market sentiment returned to the red zone.

A turnover of 348.21 million shares exchanged in 7.148 deals was recorded in the day’s trading.

Premium subsector was the most active during the day (measured by turnover volume), with 155.75 million shares traded by investors in 3,003 deals.

Volume in the subsector was largely driven by activities in the shares of FBNH Plc and Access Bank Plc.

Banking subsector of the financial services sector was boosted by activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 75.07m shares in 1,173 deals.

The number of gainers at the close of trading session was 19 while decliners were 18.

Cutix Nigeria Plc led the gainers’ table with a gain of 9.94 per cent to close at N1.88 per share while May & Baker Plc followed with a gain of 9.71 per cent to close at N3.39 per share. Champion Breweries Plc added 9.64 per cent to close at 91 kobo per share.

On the other hand, ETI Plc led the price losers, dropping 9.92 per cent to close at N5.45 per share. Ikeja Hotel Plc followed with 8.73 per cent to close at N1.15 per share while UBA Plc trailed with a loss of 6.25 per cent to close at N6.75 per share.

Meanwhile, the Nigerian Stock Exchange has said that it remains attractive in terms of dividend yield and market valuation ratios, with its All Share Index outperforming its peer exchanges in Africa.

The Chief Executive Officer, NSE, Mr Oscar Onyema, said this during the Stakeholder Engagement Series in Lagos.

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