Stock market sheds N371bn as 22 firms lose

Transactions on the Nigerian Stock Exchange on Thursday halted the previous day’s gain with a loss of 3.12 per cent.

The decline was impacted by sell-off in most blue-chip firms as the market breadth closed negative, recording 13 gainers against 22 losers.

Consequently, the All-Share Index dipped 711.06 basis points or 3.12 per cent to close at 22,078.58 index points as against 22.789.64 recorded the previous trading session while market capitalisation of equities depreciated by N371bn from N11.876tn the previous day to N11.505tn as market sentiment returned on the negative territory.

Meanwhile, a turnover of 525.8 million shares exchanged in 5,450 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 196.4 million shares exchanged by investors in 2,756 deals.

Volume in the sub-sector was largely driven by activities in the shares of FBNH Plc and Zenith Bank Plc.

Also, the banking sub-sector boosted by the activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 141.4 million shares in 1,290 deals.

Further analysis of the day’s trading showed that in percentage terms Africa Prudential Registrars Plc topped the day’s gainers’ table with 9.91 per cent to close at N3.55 per share  while Jaiz Bank Plc followed with 9.76 per cent to close at 45 kobo per share. Cornerstone Insurance Plc added 9.43 per cent to close at 58 kobo per share.

On the flip side, Zenith Bank Plc and UCAP  Plc led the losers’ with a drop of 10 per cent each to close at N12.15 and N2.34 per share respectively while ARBICO  Plc shed 9.81 per cent to close at N2.85 per share. Fidson Healthcare Plc trailed with 9.80 per cent to close at N2.21 per share.