Stock market reverses gaining streak, loses N64 billion
At the close of trading, the All-Share Index (ASI) decreased by 129.79 absolute points, representing a loss of 0.46 percent to close at 27,820.57 points.
The downtrend was impacted by losses in the share prices of the bellwethers, including Nestle Nigeria, Nigerian Breweries, Dangote Flour Mills, Guaranty Trust Bank, and United Bank for Africa (UBA).
Cordros Capital Limited re-emphasised its outlook for equities in the short to medium term as remaining conservative in the absence of any catalysts to drive positive market returns.
Market breadth closed negative, with 11 gainers versus 20 losers. Mutual Benefits Assurance recorded the highest price gain of 10 per cent to close at 22 kobo per share. Ikeja Hotel followed with 8.96 per cent to close at N1.46, while Unity Bank added 8.62 per cent to close at 63 kobo, per share.
Vitafoam Nigeria rose 5.13 per cent to close at N4.30, Julius Berger 3.59 per cent to close at N18.75, per share.
On the other hand, Japaul Oil & Maritime Services led the losers’ chart with 8.70 percent to close at 21 kobos per share.
Nigerian Breweries followed with 8.33 per cent to close at N55, while Lasaco Assurance shed 8.11 percent to close at 34 kobos, per share.
Wema Bank lost 3.23 per cent to close at 60 kobos, and Transnational Corporation of Nigeria (Transcorp) 3.03 per cent to close at 96 kobo, per share.
However, the total volume traded rose by 66.7 per cent to 155.21 million shares worth N2.23 billion, traded in 3,192 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 22.27 million shares valued at N640.11 million.
UBA followed with 21.23 million shares worth N123.79 million, while Zenith Bank traded 14.97 million shares at N276.29 million.
FBN Holdings traded 12.05 million shares valued at N67.53 million, while African Alliance Insurance transacted 10 million shares worth N2 million.