Stock market continues losing streak, sheds N22 billion
Negative sentiments persisted on the nation’s bourse on Wednesday with the market capitalisation dropping further by N22 billion, amid sell pressure in Tier-1 banking stocks.
Consequently, the market capitalisation which opened at N19.725 trillion shed N22 billion or 0.11 per cent to close at N19.703 trillion.
Also, the All-Share Index dipped 42.61 points or 0.11 per cent to close at 37,804.46 from 37,847.07 recorded on Tuesday.
Thus, month-to-date and year-to-date losses inched higher at 1.7 per cent and 6.1 per cent, respectively.
The loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Zenith Bank, Access Bank, e-Tranzact, University Press and Ecobank Transnational Incorporated.
The market closed negative with 11 gainers in contrast with 23 losers.
Royal Exchange led the losers’ chart in percentage terms with 10 per cent to close at 63k per share.
Japaul Gold and Ventures followed with 9.80 per cent to close at 46k, while University Press lost 9.52 per cent to close at N1.52 per share.
Consolidated Hallmark Insurance dipped 9.38 per cent to close at 58k, while e-Tranzact International shed 8.44 per cent to close at N2.06 per share.
On the other hand, FTN Cocoa Processors dominated the gainers’ chart in percentage terms, gaining 10 per cent to close at 33k per share.
Ikeja Hotel followed with 9.89 per cent to close at N1, while Cornerstone Insurance improved by 9.80 per cent to close at 56k per share.
Linkage Assurance rose by 9.09 per cent to close at 60k, while Mutual Benefits Assurance gained 5.26 per cent to close at 40k per share.
In all, the total volume of transactions lost 4.5 per cent with an exchange to 208.36 million shares valued at N1.60 billion exchanged in 3,365 deals.
This was in contrast with a total of 218.27 million shares worth N2.73 billion achieved in 3,524 deals on Tuesday.
Transactions in the shares of Zenith Bank topped the activity chart with 33.68 million shares valued at N795.03 million, followed by e-Tranzact International with 20.950 million shares worth N43.158 million.
Fidelity Bank traded 13.680 million shares valued at N31.38 million.
Royal Exchange traded 13.12 million shares valued at N8.28 million, while Japaul Gold and Ventures transacted 13.002 million shares worth N6.13 million.
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