Stock Market Down By N164bn

Trading activities on the Nigeria’s capital market, which opened the week with good numbers but returned to the limbo last Wednesday and yesterday, leading to a loss of N164 billion. Market analysts believe investors, especially foreigners, were unlikely to make significant investment in the market until they had a clear picture of the policy direction of the government, which is yet to name the economic drivers.Consequently, the All- Share Index shed 477.09 basis points or 1.59 per cent to close at 29,393.77 index points, as against 29,870.86 recorded the previous day.

Similarly, market capitalisation of equities depreciated by N164 billion or 1.59 per cent to close lower at N10.108 trillion as against N10.272 trillion.

Meanwhile, a turnover of 273.6 million shares worth N2.8 billion in 3,733 deals was recorded in the day’s trading.

The banking services sector of the financial services sector was the most active (measured by turnover volume); with 110.3 million shares worth N640 million exchanged by investors in 1,117 deals. Volume in the sub-sector was largely driven by activities in the shares of UBA Plc and Access Bank Plc.

Also, other financial services sub-sector, boosted by activities in the shares of African Prudential Registrars Plc followed with a turnover of 34.4 million shares valued at N98.7 million in 237 deals.

Further analysis of the day’s trading showed that Vono Products Plc topped the gainers’ table with 9.28 per cent to close at N1.06 per share, while Transnational Express Nigeria Plc followed with 7.14 per cent to close at N1.05 per share. Stanbic IBTC Plc also added 5.45 per cent to close at N23.20 per share.

On the flip side, Dangote Cement, Flour Mills Nigeria Plc and PZ Cussons Plc led the losers with a drop of five per cent each to close at N165.30, N22.06 and N25.28 per share respectively, while NNFM Plc shed 4.97 per cent to close at N9.95 per share. African Prudential Registrars Plc trailed with 4.96 per cent to close at N2.49 per share.