Stock market closes bearish with market capitalisation down  N30.506trn

By Cynthia Ezekwe 

Trading activities on the floor of the Nigerian stock market closed negative on Wednesday as the market capitalisation depreciated by  0.02 per cent to  close  at N30.506 trillion as against N30.513 trillion of the previous trading session.

The All Share Index (ASI) dropped by 0.03 per cent  to close at 56,024.52 points as against the previous close of 56,038.85 points.

An aggregate of 397.6 million units of shares were traded in 5,613 deals, valued at 6.5 billion.

NPFMCRFBK was the most traded stock by volume at 100.76 million units, while AIRTELAFRI was the most traded stock by value at NGN2.71 billion.

On sectoral performance, the insurance sector appreciated by  3.6 per cent; the  Oil & Gas sector recorded 0.4 per cent gains; the banking sector depreciated by 0.3 per cent; while the Industrial Goods and Consumer Goods indices closed flat.

As measured by market breadth, market sentiment was positive as 32 equities emerged as gainers against 12 equities that declined in their share prices.

HONYFLOUR led the gainers chart with 9.87 per cent  growth, to close  at N3.45 from the previous close of N3.14; ETERNAOIL appreciated 9.87 per cent; FTN COCOA gained 9.86 per cent, while CORNERSTONEINSURANCE also grew its share price by 9.78 per cent.

However,  Union Bank of Nigeria led other price decliners as it shed 8.86 per cent  of its share price to close at N7.20 from the previous close of N7.90; Flourmills of Nigeria and NGXGROUP among other price decliners also shed their share prices by 4.20 per cent  and 3.11 per cent  respectively.