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Stock market sustains downtrend with 0.5% loss

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Stock market sustains downtrend with 0.5% loss

…as Sterling Bank lifts volume

 

Activities on the floor of the Nigerian Stock Exchange (NSE) witnessed another drop in share prices as the bears sustained their grip on the activities of local bourse following a loss of 0.48 per cent. However, Sterling Bank Plc lifted volume of shares traded on the equities market with 1.75 billion shares worth N3.84 billion.

The equities market losses widened for the fourth trading day as investors remained on the sideline, while others offloaded for profit takings. However, the local bourse recorded 17 gainers and 26 losers. Consequently, the All-Share Index dipped 211.27 basis points or 0.48 per cent to close at 43,326.89 basis points as against 43.538.16 recorded the previous day, while market capitalisation of equities depreciated by N75 billion from N15.623 trillion the previous day to N15.548 trillion. Meanwhile, a turnover of 2.220 billion shares exchanged in 5.468 deals was recorded in the day’s trading.

The Banking sub-sector of fi-nancial services segment was the most active (measured by turnover volume) with2.016 billion shares exchanged by investors in 2,030 deals. Volume in the sub-sector was largely driven by activities in the shares of Sterling Bank Plc and Skye Bank Plc. Also, the insurance sub-sector, boosted by activities in the shares of Lasaco Insurance Plc and Prestige Insurance Plc followed with a turnover of 64.1 million shares in 426 deals.

Further analysis of the day’s trading showed that Unity Bank Plc topped the day’s gainers’ table with 9.38 per cent to close at N1.75 per share, while Forte Oil Nigeria Plc tailed with 4.90 per cent each to close at N48.20 per share. Royal Exchange Plc added 4.76 per cent to close at 44 kobo per share. On the flip side, Skye Bank Plc led the losers’ with a drop of 8.93 per cent to close at N1.02 per share, while Hallmark Insurance Plc shed 5.26 per cent to close at 36 kobo per share. Nestle Nigeria Plc fell by five per cent to close at N1,372.80 per share.

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