Over N60bn Lost In The Nigerian Stock Market As Bearish Run Continues

The Nigerian stock market continued its bearish week on Thursday as selling pressure sent market capitalization below N20 trillion after it lost 60.96billion to close at N19.77 billion. 

The All-Share Index dipped 0.3%, marking its fourth consecutive negative closing at 38328.13 basis points as against the 1.48 percent depreciation recorded previously. Its Year-to-Date (YTD) return is currently down 4.82 percent.

The market loss was driven by price depreciation in large and medium capitalized stocks: Dangote Cement, Unilever Nigeria, Sterling Bank Plc, GlaxoSmithKline Plc, and UBA.

However, market turnover improved as volume moved up 2.35 percent versus the previous session's 24.92 percent drop. Zenith Bank, Access Bank, and FBN Holdings were the most active to boost market turnover.

Also, in spite of the drop in market indices, the total volume of shares traded increased by 2.4 percent to 157.26 million shares valued at N1.74 billion exchanged in 2,824 deals.

Top 5 Gainers

Trans Nationwide Express Plc led 18 gainers today in percentage terms as it gained 9.88 percent, or 8kobo, to close at 89kobo per share.

Prestige Assurance Plc trailed with a gain of 6.52 percent, or 3kobo, to close trading at 49kobo per share. 

Chams Plc went up by 4.76 percent, or 1kobo to close trading at 22kobo per share.

Sovereign Trust Insurance Plc rose by 3.85 percent, or 1kobo, to close today's session at 27kobo per share. 

AIICO Insurance Plc gained 3.20 percent, or 4kobo, to close at N1.29 per share.

Top 5 Decliners

SUNU Assurances Nigeria Plc led Thursday's 19 losers in percentage terms, losing 9.62 percent to close at 47kobo per share.

Royal Exchange Plc followed with 9.33 percent to close at 68kobo per share while Regency Assurance Plc Insurance lost 8.11 percent to close at 34kobo per share.

Sterling Bank Plc dropped 7.69 percent to close at N1.56, while Linkage Assurance Plc shed 7.69 percent to close at 60kobo per share.