Stock market reverses gaining streak as index slumps 0.2 per cent

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), reversed previous gains to close on a downward note yesterday, occasioned by to sell pressure in 20 stocks, causing the  the All Share Index (ASI) to plunge by 0.2  per cent.

Precisely, the ASI decreased by 40.70 absolute points, representing 0.2 per cent decline to close at 26,357.24 points. Similarly, the market capitalisation lost N19 billion to close at N12.831 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; Guinness Nigeria, GlaxoSmithKline Consumer Nigeria, Lafarge Africa, Custodian Investment, and Ikeja Hotel.

Market breadth also closed negative, with five gainers versus 20 losers. Forte Oil recorded the highest price gain of 10 per cent to close at N17.60 per share. Consolidated Hallmark Insurance followed with 8.82 per cent to close at 37 kobo, while Sterling Bank appreciated by 2.78 per cent to close at N1.85, per share.

Dangote Sugar Refinery rose 2.78 per cent to close at N1.85, and Continental Reinsurance 1.29 per cent, to close at N2.35, per share. On the other hand, Guinness Nigeria led the losers’ chart with 9.88 per cent to close at N26.45 per share.

GlaxoSmithKline Consumer Nigeria followed with 9.38 per cent to close at N5.80, while Ikeja Hotel fell 9.32 per cent to clsoe at N1.07, per share.

UACN Property Development Company lost 9.17 per cent to close at 99 kobo, and McNichols shed 6.12 per cent to close at 46 kobo, per share.

However, the total volume traded surged 54.41 per cent to 449.24 million shares worth N1.64 billion, traded in 2,810 deals. Transactions in the shares of Omoluabi Mortgage Bank topped the activity chart for the second consecutive day with 272 million shares valued at N149.6 million.

FCMB Groups followed with 36.15 million shares worth N57.84 million, while Transnational Corporation of Nigeria (Transcorp) traded 29.34 million shares valued at N29.17 million.

Zenith Bank traded 24.06 million shares at N409.22 million, while United Bank for Africa (UBA) transacted 10.25 million shares worth N190.29 million.