Equity loses N2bn after seven sessions of gains
The Nigerian equities market closed on a downward note yesterday as market capitalisation depreciated by N2 billion.
At the close of trading on the Nigerian Stock Exchange (NSE), the All-Share Index (ASI) shed 3.73 absolute points, representing a loss of 0.01 per cent to close at 38,800.01 points.
Accordingly, investors lost N2 billion in value as market capitalisation went down to N20.279 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Guaranty Trust Bank, Champion Breweries, United Bank for Africa (UBA) and May & Baker Nigeria.
However, market breadth closed positive, 23 stocks posted gains while eight stocks posted declines.
FTN Cocoa Processors recorded the highest price gain of 9.88 per cent to close at 89 kobo. Lasaco Assurance followed with a gain 9.68 per cent to close at 34 kobo, while Skyway Aviation Handling Company rose by 9.22 per cent to close at N3.20 kobo.
Japaul Gold and Ventures went up by 9.09 per cent to close at 48 kobo, while Oando appreciated by 8.66 per cent to close at N3.64 kobo.
On the other hand, Champion Breweries led the losers’ chart by 7.87 per cent, to close at 82 kobo. Lafarge Africa followed with a decline of 4.76 per cent to close at N21.00, while Jaiz Bank declined by 4.76 per cent to close at 60 kobo.
AIICO Insurance lost 3.08 per cent to close at N1.26, while May & Baker Nigeria shed 1.33 per cent to close at N3.70.
Meanwhile, the total volume traded decreased by 73.948 per cent to 389.724 million shares, worth N7.965 billion, and traded in 2,925 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 84.434 million shares valued at N2.130 billion.
Guaranty Trust Bank followed with 59.181 million shares worth N1.942 billion, while Flour Mills of Nigeria traded 56.161 million shares valued at N1.571 billion.
Lafarge Africa traded 26.075 million shares valued at N556.887 million, while Lasaco Assurance transacted 22.987 million shares worth N7.287 million.