Nigerian Bourse Records Downturn, Capitalisation Loses N47bn

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The Nigerian bourse opened the week with a loss, as market capitalization shed N47 billion to close at N28.634 trillion from 28.681 trillion posted on Friday.

Similarly, the All-Share Index (ASI) dropped by 0.16 per cent to close at 53.113 points from 53.201 points recorded on Friday.

The downturn was due to extended selloffs in Tier-1 banks such as Zenith Bank Guaranty Trust Holding Company (GTCo) Stanbic Bank STANBIC and WAPCO.

Consequently, the year-to-date (YTD) return fell to 24.34 per cent.

Overall, eight stocks declined while 25 others appreciated.

Learn Africa recorded the highest price gain of 9.72 per cent to close at N2.37 per share.

Sunu Assurance followed with a gain of 9.38per cent to close at 35k per share, while WAPIC rose by five per cent to close at 42k per share.

Sterling Bank rose by 1.97 per cent to close at N1.97 while CornerStone Insurance gained 1.64 per cent to close at 62k per share.

On the other hand, CAP led the losers’ chart by 9.93 per cent to close at N18.15 per share.

Caverton and Livestock depreciated by 7.83 per cent and 6.25 per cent each to close at N1.06 and N1.50 per share, respectively.

Transcorp followed with a decline of 5.07 per cent to close at N1.31 per share while Champion Breweries lost 4.63 per cent to close at N3.50 per share.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 17.11 per cent.

A total of 300 million units of shares valued at N3.1 billion were traded in 5,394 deals.

First City Monument Bank (FCMB) led the volume charts as the top traded stock by volume for the trading session with 52.08 million shares valued N182.27 billion.

United Bank for Africa (UBA) followed with 47.71 million shares worth N365.35 million, while Transcorp traded 39.34 million shares valued N52.23 million.

AccessCorp traded 30.19 million shares valued N293.98 million, while GTCO transacted 20.42 million shares worth N446.15 million.

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