Friday, August 12, 2022

Stock market drops 1.21% to remain bearish

Stocks that pushed the equities market lower included MTN Nigeria, Guaranty Trust Holding Company(GTCo), Zenith Bank, among others.

• June 17, 2022
Stock Market
Nigerian Stock Market trade floor (Photo Credit: Bloomberg)

The stock market maintained its bearish position on Friday as all market indicators dropped further amid sell pressure in large capitalised stocks.

Specifically, the All-Share Index declined by 633.01 points or 1.21 per cent to close at 51,778.08 compared with 52,411.09 achieved on Thursday.

Consequently, the year-to-date (YTD) return fell to 21.21 per cent.

Also, the market capitalisation dropped by N341 billion or 1.21 per cent to close at N27.914 trillion against N28.255 trillion on Thursday.

The stocks that pushed the equities market lower included MTN Nigeria, Guaranty Trust Holding Company(GTCo), Zenith Bank, among others.

The market closed negative with 10 stocks that gained and 24 losers.

A breakdown of the price movement chart shows that Ellahlakes recorded the highest gain to lead the gainers’ chart with 8.40 per cent to close at N4 per share.

UACN trailed with 6.48 per cent to close at N11.50, while Living Trust Mortgage Bank rose by 5.26 per cent to close at N1.20 per share.

Mutual Benefits Assurance also rose by 4.17 per cent to close at 25k while Fidelity Bank inched up by 3.37 per cent to close at N3.37 per share.

On the other hand, McNichols Consolidated Plc led the losers’ chart, dropping by 9.76 per cent to close at N 1.85 per share.

ARDOVA lost by 9.70 per cent to close at N13.50 while Livestock dipped by 9.52 per cent to close at N1.33 per share.

International Breweries dropped by 9.42 per cent to close at N6.25, while Courtville Business Solutions dipped by 9.26 per cent to close at 49k per share.

In all, a total of 241.19 million shares valued at N3.67 billion were exchanged by investors in 5,043 deals.

This was in contrast with a turnover of 211.615 million shares worth N2.37 billion traded in 4,750 deals on Thursday.

Jaiz Bank was the toast of investors, accounting for 40.66 million shares valued at N37.21 billion.

United Bank for Africa(UBA) came second with 35.72 million shares worth N269.42 million, while Zenith Bank  sold 33.2 million shares valued at N719 million.

GTCo accounted for 16.78 million shares worth N359.69 million, while Transcorp transacted 10.91 million shares valued at N14 million.

(NAN)

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

Hot news Home top

Femi Kuti says Obidients are zombies

Zombie was the title of a studio album released in 1976 by Fela Anikulapo Kuti, deriding Nigerian soldiers as a bunch of robotic and senseless individuals.

Gavel

Anti-Corruption

Corps member bags two years jail for internet fraud

Justice Ibrahim Yusuf said that Mr Adetuberu, 28, was found guilty of the two-count of cyber-crime preferred against him.

FCT police spokeswoman Josephine Adeh

Abuja

Police intercept 100 bags of cannabis concealed in Dangote truck

Police spokesperson said the dry leaves were concealed beneath fertilizers loaded in a Dangote truck, heading to Abuja from Ondo State.

Labour Party (LP)

Politics

Charles Odigbo named communication head for Peter Obi campaign

Mr Utomi made the announcement at a special announcement session of the media team for the Peter Obi campaign team held in Lagos on Thursday.

Health

U.S. provides Nigeria biorepository laboratory with new facilities

The biorepository laboratory was commissioned in Lagos on ThursThe biorepository laboratory was commissioned in Lagos on Thursday.

Rivers State governor, Nyesom Wike and Atiku Abubakar

Heading 3

PDP crisis worsens as Wike sues Atiku over 2023 presidential ticket

The Rivers governor has exhibited strained ties with both the party and its 2023 standard-bearer over the outcome of the May 28 national convention and presidential primary.