Trading activities on the floor of the Nigerian Stock Exchange yesterday continued on the downward trend leading to a further loss of N87 billion. Market watchers believe the stock market will witness continuous volatility of equities as concerns are linked to delay in the appointment of ministers, falling oil price and dwindling naira.
Consequently, the All- Share Index shed 255.3 basis points or 0.8 per cent to close at 31,372.90 index points as against 32,628.20 recorded the previous day while market capitalisation of equities depreciated by N87 billion or 0.8 per cent to close lower at N10.714 trillion as against N10.801 trillion as market sentiments remained on the red territory. Meanwhile, a turnover of 277.09 million shares worth N4.4 billion in 3,643 deals was recorded in the day’s trading.
The banking services sector of the financial services sector was the most active during the day (measured by turnover volume), with 175.6 million shares worth N2.5 billion exchanged by investors in 1,408 deals. Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.
Also, other financial services sub- sector, boosted by activities in the shares of FBNH Plc, followed with a turnover of 27.4 million shares valued at N140.1 million in 597 deals. Further analysis of the day’s trading showed that only eight stocks appreciated in stocks while 36 others dropped in price. Mobil Oil Plc topped the day’s gainers’ table with five per cent to close at N154.35 per share while Caverton Plc followed with 3.94 per cent to close at N3.69 per share and ETI Plc with a gain of 2.69 per cent to close at N21.00 per share.
On the flip side, Learn Africa Plc and Transcorp Plc led the losers with a drop of 8.80 per cent each to close at N1.14 and N2.28 per share respectively, while Presco Plc and Dangote Flour Plc shed five per cent each to close at N32.30 and N3.23 per share respectively
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