Nigeria’s stock market continues losing streak
Nigeria’s stock market continues its losing streak on Wednesday as capitalisation dropped further by N12 billion due to profit-taking on banking stocks.
Specifically, the market, which opened at N19.940 trillion, shed N12 billion or 0.06 per cent to close at N19.928 trillion.
Similarly, the All-Share Index inched lower by 23.08 points or 0.06 per cent to close at 38,233.68 from 38,256.76 on Tuesday.
Accordingly, month-to-date and year-to-date losses increased to 4.0 per cent and 5.1 per cent, respectively.
The market downturn was driven by price depreciation in large, and medium capitalised stocks, including Flour Mills, Zenith Bank, Guaranty Trust Bank, FBN Holdings, and United Bank for Africa.
Analysts at Afrinvest Ltd. said, “We expect the market to remain bearish in the next trading session due to the absence of a positive catalyst.”
However, the market recorded 20 gainers against 14 losers.
John Holt drove the gainers’ chart in percentage terms, gaining 9.68 per cent to close at 68k per share.
Vitafoam followed with 9.19 per cent to close at N1.10, while Lasaco Assurance appreciated by 9.09 per cent to close at N1.56 per share.
C & I Leasing rose by 8.52 per cent to close at N4.84, while Learn Africa appreciated by 7.84 per cent to close at N1.10 per share.
On the other hand, FTN Cocoa Processors dominated the laggards’ chart in percentage terms with 7.32 per cent to close at 38k per share.
NPF Microfinance Bank followed with 5.62 per cent to close at N1.68, while Flour Mills shed 5.25 per cent to close at N27.95 per share.
Japaul Gold and Ventures lost 1.75 per cent to close at 56k, while Wema Bank depreciated by 1.72 per cent to close at 57k per share.
Transactions in the shares of Fidelity Bank topped the activity chart with 24.42 million shares valued at N54.264 million.
Zenith Bank followed with 22.09 million shares worth N508.002 million, while Mutual Benefits Assurance traded 16.94 million shares valued at N6.92 million.
Sovereign Trust Insurance traded 16.86 million shares worth N4.63 million, while Transcorp transacted 13.83 million shares valued at N11.65 million.
In all, the volume of shares declined by 18.83 per cent to 203.09 million shares valued at N1.82 billion exchanged in 3,594 deals.
This was lower compared with 250.20 million shares worth N1.55 billion transacted in 3,534 deals on Tuesday.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Merging Civil Defence with police will worsen Nigeria’s insecurity, FG warned
“It is obvious that persons seeking the merger are ignorant of the roles of NSCDC as a special purpose security vehicle,” a security expert said.
Africa
South Africa’s systemic corruption closely related to ex-President Jacob Zuma’s administration: Report
The report alleged that “high-level political interference has undermined the country’s National Prosecuting Authority from responding to corruption.
Africa
Police corruption big problem in Kenya; security force compromised under President Ruto: U.S. Govt
Not only did the government try to cover up police-related killings, but Kenyan authorities asked medical personnel to keep silent on deaths recorded from police brutality.
NationWide
No one should die of malaria in Africa: WHO
“No one should die from malaria in Africa; indeed, every single malaria death is a death too many because malaria is preventable and treatable,” said WHO.
World
Pilot whales stranded in Western Australia
Pilot whales form extremely close bonds with each other. At certain times of the year, they travel in large pods, which increases the risk of mass stranding.
States
AA slates April 27 for Ondo governorship primary
James Vernimbe, the AA national secretary, announced this in a statement on Thursday.