The Nigerian stock market yesterday extended its losing streaks as activities on the shares of blue chip companies lowered down momentum to bearish trend with a loss of N25 billion.
Market watchers believe the stock market will witness con-tinuous volatility in the equities market as macro concerns linked to delay in the appointment of federal ministers, falling oil price and crashing currency drive investors’ sentiments.
Consequently, the All- Share Index shed 74.77 basis points or 0.2 per cent to close at 30,436.18 basis points as against 30,510.95 recorded the previous day while market capitalisation of equities depreciated by N25 billion or 0.2 per cent to close lower at N10.432 trillion as against N10.457 trillion as the market closed in the red territory. Meanwhile, a turnover of 154.3 million shares worth N4.2 billion in 3,154 deals was recorded in the day’s trading.
The banking services subsector of the financial services sector was the most active during the day (measured by turnover volume); with 61.5 million shares worth N545.8 million exchanged by inves-tors in 1,055 deals. Volume in the sub-sector was largely driven by activities in the shares of UBA Plc and GTB Plc.
Similarly, other financial services sub- sector, boosted by activities in the shares of FCMB Plc, followed with a turnover of 23.5 million shares valued at N126.7 million in 515 deals.
Further analysis of the day’s trading showed that Transnational Express Plc topped the day’s gainers’ table with 4.76 per cent to close at N1.10 while 7UP Nigeria Plc followed with 4.40 per cent to close at N190.00 per share and CCNN Plc with a gain of 4.22 per cent to close at N9.14 per share.
On the flip side, Pharma Deko Plc led the losers with a drop of 4.89 per cent to close at N2.14 per share while Livestock Feeds Plc shed 4.86 per cent to close at N1.76 per share. Portland Cement Plc trailed with 4.81 per cent to close at N3.96 per share.
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