Equities in melt down as Investors lose N115bn in a day
The equities market witnessed a major melt down on Thursday as gains made in previous days were reversed in a single day, causing investors to lose a total of N115bn as the nation’s stock market closed in the red amid profit-taking activities.
The Nigerian Stock Exchange All-Share Index declined by 0.89 per cent as market breadth closed negative with only seven gainers as against 26 losers.
The ASI dipped by 220.65 basis points to close at 24,374.40bps from the 24,595.05bps recorded the previous trading session.
The market capitalisation of equities dropped to N12.72tn from N12.83tn the previous day amid negative sentiment.
A turnover of 180.12 million shares was traded in 3,889 deals on Thursday.
The premium subsector was the most active (measured by turnover volume), with 67.92 million shares traded by investors in 1,461 deals.
The volume in the subsector was largely driven by activities in the shares of FBN Holdings Plc and the United Bank for Africa Plc.
The banking subsector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc, with a turnover of 32.82 million shares in 551 deals.
Neimeth International Pharmaceuticals Plc topped the gainers’ table with 9.40 per cent to close at N1.62 per share.
Jaiz Bank Plc followed with a gain of 7.27 per cent to close at 59 kobo per share, while Unity Bank Plc appreciated by 6.38 per cent to close at 50 kobo per share.
On the other hand, Capital Hotels Plc and GlaxoSmithKline Consumer Nigeria Plc led the losers’ table with a drop of 10 per cent each to close at N2.43 and N4.95 per share respectively.
Unilever Nigeria Plc shed 9.80 per cent to close at N13.80 per share, while C&I Leasing Plc lost 9.78 per cent to close at N4.15 per cent