Nigeria equity market sustains bearish trading, stock down 0.46%
By Samuel Bankole
Nigeria’s equity market on Friday fell again for the third consecutive day by 0.46 percent as some investors sustained profit taking activities, forcing down share prices of some companies.
The All-Share Index closed down at 28,415.31 points, dragged by loses in banking sector stocks of key players in the industry.
Shares in Guranty Trust Bank, Ecobank Nigeria, FCMB, Sterling Bank and FBNH were major losers at the end of transactions on Friday, while fuel marketer Total and International Breweries were the key gainers.
Also, the market cap of equities listed on the Nigerian Stock Exchange (NSE) declined to ₦14.852 trillion from ₦14.921 trillion in the previous day.
The total volume traded closed with an exchange of 384.145 million units valued at ₦4.00 billion traded in 5,759 deals. The market breadth was negative with 11 gainers as against 21 losers.
The NSE 30 Index decreased by 0.52 percent to close at 1,215.54 points as against 1,221.89 points as on the previous day while market turnover closed with traded volume of 280.18 million units.
Guaranty Trust Bank shares declined by 5 percent, Ecobank recorded 3.37 percent drop, FCMB fell 3 percent, Fidelity Bank and FBNH fell 2.80 percent and 1.59 percent each.
On the reverse side, the fuel marketer Total gained 5 percent, International Breweries was up 3.06 percent while Sterling Bank gained 2.19 percent.