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ABC Transport, Enamelware others lead stock market’s N19 billion loss

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Stock market. Photo: NASDAQ

Transactions on the Nigerian Exchange Limited (NGX) witnessed another slump as share prices dipped at the reopening of trading yesterday, as a result of losses suffered by major highly capitalised stocks, especially ABC Transport and Enamelware, causing market capitalisation to slide further N19 billion.

At the close of trading yesterday, the market capitalisation of listed equities declined by 0.09 per cent to N19.956 trillion from N19.975 trillion reported on Friday.

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Also, the All Share Index depreciated by 36.49 basis points to 38287.58 points from 38324.07 points reported the previous day.

Investors traded 141.146 million shares valued at N1.094 billion in 3566 deals against 174.304 million shares valued at N1.952 billion traded on Friday in 2581 deals.

A breakdown of trading activities showed that Royal Express led the gainers’ table with 9.68 per cent to close at N0.68 kobo while Regal Insurance followed with a gain of 8.82 per cent to close at N0.37 kobo. Chi Plc added 7.84 per cent to close at N0.55 kob. Sovereign Trust Insurance gained 7.69 per cent to close at N0.28 kobo. Japaul Gold gained 7.55 per cent to close at N0.57 kobo.

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On the contrary, ABC Transport topped losers’ chart with 9.76 per cent to close at N0.37 kobo while Enamelware trailed with a loss of 9.75 per cent to close at N16.20 kobo. UAC Property fell by 8.43 per cent to close at N0.76 kobo.

Jaiz Bank Plc declined by 6.45 per cent to close at N0.54 kobo. Courtville Business Solution dipped by 4.76 per cent to N0.20 kobo.

On the activity chart, UAC Property recorded the highest volume of activities during the day, exchanging 17.344 million shares worth N13.335 million while FBN Holdings followed, accounting for 11.251 million shares valued at N81.246 million.

Chams Plc traded 7.920 million shares cost N1.637 million, Fidelity Bank sold a total of 7.841 million shares valued at N17.944 million while Zenith Bank exchanged 7.211 million shares valued at N166.079 million.

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