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HomeBusinessNigeria's equity market dip N82 bln on sell-off on Zenith, GTCO shares

Nigeria’s equity market dip N82 bln on sell-off on Zenith, GTCO shares

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By Ifeyinwa Ezeokoli

The local bourse sustained its negative sentiments as profit-taking activities across major banking stocks – GTCO (-3.2 percent) and ZENITHBANK (-2.5 percent) – triggered a 0.3 percent decline in the benchmark index.

The All Share Index (ASI) fell by 148.95 points, representing a decrease of 0.27 percent to close at 54,035.39 points.

Accordingly, the month-to-date loss increased to -0.4 percent, while the year-to-date gain moderated to +5.4%.

Also, investors lost N82 billion in value as market capitalisation declined to N29.436 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group, Guaranty Trust Holding Company, Zenith Bank, Eterna and Multiverse Mining and Exploration.

Market breadth closed negative with  14 stocks gained relative to 21 decliners.

Multiverse Mining and Exploration led the losers’ chart in percentage terms by 9.88 percent to close at N2.92 per share.

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Eterna followed with 8.94 percent to close at N5.60, while  Associated Bus Company declined by 8.82 percent to close at 31k per share.

Nigerian Exchange Group shed 5.45 percent to close at N26, while AIICO Insurance shed five percent to close at 57k per share.

Conversely, SCOA dominated the gainers’ chart in percentage terms by 10 percent to close at 99k per share.

Nigerian Aviation Handling Company followed with 9.55 percent to close at N9.75, while Linkage Assurance gained 9.09 percent to close at 48k per share.

SUNU Assurance appreciated by 8.51 percent to close at 51k, while Wapic Insurance gained 8.11 percent to close at 40k per share.

Meanwhile, the total volume of trades rose by 1.43 percent to 296.74 million units valued at N3.07 billion exchanged in 4,590 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 46.59 million shares valued at N249.37 million.

Oando followed with 33.37 million shares worth N187.94 million, while Transcorp traded 30.72 million shares valued at N42.08 million.

AXA Mansard Insurance traded 30.14 million shares valued at N67.89 million, while United Bank for Africa transacted 21.41 million shares worth N180.16 million.

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