LAGOS, (Sundiata Post) – All-Share Index on Wednesday shed 122.76 points or 0.46 per cent to close at 26,418.11, while market capitalisation lost N43 billion to close at N9.089 trillion
The negative trend which has persisted since the start of the week was sustained on Wednesday as the Nigerian stock market fell by 0.46 per cent.
In summary, lead indicator, the All-Share Index (ASI) shed 122.76 absolute points, representing a decline of 0.46 per cent to close at 26,418.11 points. Similarly, the market capitalization shed N42 billion to close at N9.09 trillion.
Stock market analysts noted that this recent downtrend is associated to retail investors’ effort to raise cash in readiness for the yuletide season.
The downturn was largely boosted by value depreciation recorded in some medium and large capitalized stocks, amongst which are; Forte Oil, Seplat, ETI, Stanbic IBTC, Unilever and Access Bank.
Market breadth was positive, with 20 gainers versus 16 losers. Glaxosmith and NPF Microfinance Bank recorded the highest price gain of five per cent each, to close at N15.75 and N1.05 per share, respectively. CCNN gained 4.99 per cent to close at N4.42, while Conoil and Nahco appreciated by 4.95 per cent each to close at N35.80 and N2.33 per share, respectively.
On the other hand, Forte Oil led the losers’ chart by 9.74 per cent, to close at N85.45 per share. Seplat and Beta Glass shed five per cent to close at N370.50 and N28.88 per share, respectively.
CAP depreciated by 4.99 per cent to close at N31.60 and ETI declined by 4.98 per cent each to close at N10.88 per share.
Market activity however improved significantly as volume and value traded surged 69.3 per cent and 224.7 per cent to settle at 421.2 units and N10.1 billion respectively. Transactions in the shares of Oando topped the activity chart with 51.82 million shares valued at N222.92 million. Sterling Bank followed with 30.16 million shares worth N22.16 million, while Unilever traded 24.01 million shares valued at N840.73 million.
UBA traded 22.23 million shares worth N102.04 million, while Zenith Bank sold 20.54 million shared valued N295.96 million.
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