Stock market relapses, drops 0.19%

Sell pressure yesterday dominated market activities as investors took profits from the previous day’s gain. Consequently, the overall performance measures, NSE ASI and market capitalisation fell by 0.19 per cent. This was due to profit taking by bargain hunters in the wake of cautious optimism that had pervaded the market following upset in the financial sector.

Consequently, the All- Share Index shed 49.02 basis points or 0.19 per cent to close at 25,282.75 index points as against 25,331.77 recorded the previous day, while market capitalisation of equities depreciated by N17 billion or 0.19 per cent to close lower as market sentiment returned on the red territory.

Meanwhile, a turnover of 147.8 million shares in 2,578 deals was recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active (measured by turnover volume) with 66.4 million shares exchanged by investors in 76.2 deals. Volume in the sub-sector was largely driven by activities in the shares of Diamond Bank Plc and GTB Plc.

Also, other financial services sub-sector, boosted by the activities in the shares of FCMB Plc and United Capital Plc followed with a turnover of 18.3 million shares in 248 deals.

The number of gainers at the close of trading session was 16, while decliners closed at 15. Further analysis of the day’s trading showed that African Prudential Registrars Plc topped the gainers’ table with 4.98 per cent to close at N2.53 per share, while Vitafoam Plc followed with 4.74 per cent to close at N1.99 per share. Diamond Bank Plc gained 4.71 per cent to close at N89 per share.

On the flip side, Seven Up Plc led the losers’ chart with a drop of five per cent to close at N99.66 per share.

Okomu Oil Plc trailed with a loss of 4.99 per cent to close at N47.39 per share while Unity Bank Plc dropped by 4.92 per cent to close at 58 kobo per share.

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