Nigerian Stocks Gasp for Air amid Negative Investor Sentiment – Trading activities at the nation’s equity market remained bearish on Friday. The local stock exchange lost 0.13 per cent despite an improvement in the level of transactions.
Business Post observed that selloff in some blue-chip shares in the energy, banking and industrial goods sectors affected the general outcome of the Nigerian Stock Exchange (NSE) yesterday.
The energy, banking and industrial goods counters depreciated by 0.23 per cent, 0.09 per cent and 0.01 per cent respectively. They outweighed the 1.32 per cent and 1.03 per cent gains printed by insurance and consumer goods sectors respectively.
At the close of business, the All-Share Index (ASI) reduced by 48.69 points to 38,648.48 points from 38,697.17 points, while the market capitalisation went down by N26 billion to N20.221 trillion from N20.247 trillion.
A total of 294.0 million stocks worth N3.8 billion were traded in 3,760 deals yesterday compared with the 169.4 million equities worth N2.1 billion traded in 3,568 deals the prior session, indicating 73.58 per cent rise in the volume of shares, 77.84 per cent growth in the value of shares and 5.38 per cent increase in the number of deals.
Read also: Profit Taking Dominates Activity in Equity Market
Transcorp closed as the most traded stock with 56.9 million units worth N46.0 million, International Breweries transacted 40.9 million units for N210.7 million, GTBank sold 31.0 million equities valued at N953.6 million, FBN Holdings exchanged 14.9 million stocks valued at N105.3 million, while Universal Insurance transacted 12.8 million shares worth N2.6 million.
SFS REIT was the worst-performing stock yesterday with a price decline of 9.96 per cent to close at N62.40 and was trailed by Unity Bank, which lost 9.59 per cent to settle at 66 kobo.
African Alliance Insurance depleted by 9.09 per cent to 20 kobo, Sovereign Trust Insurance lost 7.69 per cent to trade at 24 kobo, while Wema Bank fell by 6.15 per cent to 61 kobo.
On the other hand, the best-performing equity on Friday was Regency Alliance Insurance as its share price rose by 10.00 per cent to 33 kobo.
Also, Flour Mills grew by 10.00 per cent to N29.70, NEM Insurance grew by 9.73 per cent to N2.03, Northern Nigerian Flour Mills gained 9.71 per cent to quote at N5.65, while Livestock Feeds appreciated by 9.29 per cent to N2.
