Business

Stock investors suffer further N83bn loss

The Nigerian equities market yesterday tumbled for the third consecutive trading day as sell pressure continued following crave for capital gains. Meanwhile, the market breadth closed negative, producing 47 losers against 13 gainers. Key market indicators, the NSE ASI, declined by 0.4 per cent as bargain hunters continued to leverage on the past gains recorded last week to take profits.

Consequently, the All- Share Index dipped 157.39 basis points or 0.4 per cent to close at 39,364.67 as against 39,522.06 recorded the previous day while the market capitalisation of equities depreciated by N83 billion or 0.4 per cent to close at N20.595 trillion from N20.678 trillion. Meanwhile, a turnover of 493.17 million shares exchanged in 5,486 deals was recorded in the day’s trading.

The insurance subsector was the most active during the day (measured by turnover volume); with 144.11 million shares exchanged by investors in 336 deals. Volume in the sub-sector was largely driven by activities in the shares of Mutual Benefits Assurance Plc and Universal Trust Insurance Plc.

The premium subsector boosted by activities in shares of Zenith Bank Plc and FBNH Plc followed with a turnover of 122.58 million shares traded in 1,964 deals. Shares of UPL Plc led the gainers chart, appreciating by 9.91 per cent to close at N1.22 per share.

Morison Nigeria Plc followed with a gain of 9.09 per cent to close at 60 kobo per share while CAP Plc gained 5.26 per cent to close at N20.00 per share. On the flip side, shares of Fidson Healthcare Plc led the losers by 10 per cent to close at N4.41 per share. NNFM Plc plunged 9.97 per cent to close at N6.32 per share while NEM Insurance Plc dropped 9.95per cent to close at N1.72 kobo per share.

 

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