Stock market closes bearish, market capitalisation drops N7bn

Nigerian Exchange Ltd.

TRADING activities on the Nigerian Exchange Ltd., on Wednesday ended with a bearish position, as the market capitalisation lost N7 billion.

The All Share Index (ASI) decreased by 12.90 points, representing a decrease of 0.02 per cent to close at 52, 599.65 from 52, 612.55 recorded on Tuesday.

Alao, the market capitalisation lost N7 billion or 0.02 per cent to close at N28.649 trillion as against N28.656 trillion posted at the previous trading.

The weak performance was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Geregu Power, MTN Nigeria Communications (MTNN), Nigerian Exchange Group (NGXGroup), Cadbury Nigeria and United Bank for Africa (UBA).

On market outlook, analysts at GTI Securities Ltd. said, “we expect positive sentiment to be sustained as investors lean towards financial stocks and other defensive stocks.”

However, market breadth, which is measured by market sentiment was positive, as 21 stocks gained relative to 16 losers.

Chellaram, R.T. Briscoe Nigeria and Tripple Gee & Company recorded the highest price gain of 10 per cent each to close at N1.65, 33k and 88k, per share.

Okomu Oil followed with a gain 9.76 per cent to close at N181.10, while Caverton Offshore Support Group appreciated by 8.42 per cent to close at N1.03, per share.

On the other hand, Thomas Wyatt Nigeria led the losers’ chart by 9.66 per cent to close at N1.31, per share. Cornerstone Insurance followed with a decline of 6.9 per cent to close at 54k, while Geregu Power went down by 5.90 to close at N134, per share.

Honeywell Flour Mills lost 5.15 per cent to close at N2.21, while Computer Warehouse Group (CWG) shed 4.26 per cent to close at 90k, per share.

The total volume traded declined by 34.3 per cent to 119.84 million units, valued at N2.69 billion, and exchanged in 3,55 deals.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 11.26 million shares valued at N3.87 million.

Transnational Corporation of Nigeria (Transcorp) followed with 8.75 million shares worth N10.61 million, while Geregu Power traded 8.54 million shares valued at N1.14 billion.

FBN Holdings (FBNH) transacted 7.69 million shares worth N89.82 million, while Guaranty Trust Holding Company (GTCO) traded 6.71million shares valued at N162 million.(NAN)