Stock Market Continues Bearish Trend, Surging N673bn

Femi Onasanya
2 Min Read

Nigerian stocks continued their negative trend Wednesday, with an N673 billion decline in total capitalization.

The All-Share Index (ASI) closed at 98,121.30 points after losing 1,190.24 points, or 1.20 percent. Additionally, market capitalization dropped to N 55.494 trillion at the closing, down N673 billion.

 

Price depreciation in large and medium capitalization equities, such as MTN Nigeria Communications (MTNN), Transcorp Hotels, FBN Holdings (FBNH), Fidson Healthcare, and Transnational Corporation (Transcorp), was the primary cause of the slump.

 

Market breadth, on the other hand, closed higher as 22 equities rose compared to 19 decliners. With price increases of 10% apiece, SUNU Assurance, Neimeth International Pharmaceuticals, and The Initiates Plc (TIP) closed at N1.21, N1.98, and N1.98 per share, respectively, making them the top price gainers. Following with a 9.90% rise to conclude at N28.85, CAP outperformed UPDC by 9.76% to close at N1.35 per share.

 

Conversely, Oando trailed behind with a 9.90% decline to conclude at N9.10 per share, while Transcorp Hotels and MTNN lead the losers’ table with 10% and 9%, respectively, to close at N87.93 and N201.60.

 

While Fidson Healthcare fell by 9.75% to conclude at N14.35 per share, FBNH depreciated by 9.82% to close at N19.75.

 

The whole volume traded decreased by 31.10% to 395.751 million units, which were exchanged in 7,907 deals and were valued at N9.576 billion. With 81.407 million shares valued at N2.931 billion, transactions involving shares of Guaranty Trust Holding Company (GTCO) constituted the majority of the activity. United Bank for Africa (UBA) traded 41.600 million shares valued at N953.518 million, while Zenith Bank came in second with an account of 46.156 million shares worth at N1.691 billion.

 

Access Holdings traded 22.301 million shares for N361.895 million, while FBNH traded 23.44 million shares worth N480.999 million.

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