Stock Market Drops by N293bn to Sustain Downward Trend

Kayode Tokede

The Nigerian stock market yesterday extended its decline trend as sell-offs across key sectors dragged the market capitlisstion lower by N293billion.

As a result, the benchmark Nigerian Exchange All-Share Index (NGX-ASI) fell by 0.18 per cent to close at 251,861.24 basis points.

Consequently, market capitalisation decreased by N293 billion to close at N163.53 trillion.

Market sentiment

remained negative, as 22 stocks advanced against 29 decliners. Caverton Offshore Support Group followed with 8.96 per cent gain to close at N3.65, while Abbey Bank appreciated by 8.66 per cent to close at N6.90, per share.

Champion also advanced by 8.56 per cent to close at N10.15, while Ecobank Transnational Incorporated (ETI) rose by 6.93 per cent to close at N74.85, per share.

On the flip side, Okomu Oil led the losers’ chart with a 10.00 per cent decline to close at N1,148.60, per share. Nigerian Enamelware followed with a 9.96 per cent drop to close at N33.00 , while NASCON Allied Industries fell by 8.99 per cent to close at N167.00, per share.

FTN Cocoa Processors declined by 8.36 per cent to close at N6.80, and VFD Group lost 6.67 per cent to close at N11.20, per share.

The total volume traded declined by 24.3 per cent to 413.05 million units, valued at N22.62 billion, and exchanged in 30,732 deals. Transactions in the shares of Honeywell Flour Mills topped the activity chart with 75.961 million shares valued at N2.592 billion. Guaranty Trust Holding Company (GTCO) followed with 38.226 million shares worth N4.572 billion, while Sovereign Trust Insurance traded 28.554 million shares valued at N70.393 million.

Champion Breweries traded 24.499 million shares valued at N249.053 million, while Access Holdings transacted 23.076 million shares worth N629.715 million.