Stock market loses 47 billion naira as Democracy Day break resumes

By Dipo Olowookere

The first trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended in negative on Tuesday with a decline of 0.16% supported by slight profit taking.

The stock market was not operational on Monday due to the federal government holiday to celebrate June 12 as Democracy Day.

Selling in almost all key sectors of the stock market weakened the All Share Index (ASI) by 87.74 points to 53,113.64 points from 53,201.38 points, while the market capitalization depreciated by 47 billion naira to 28,634 billion naira from 28,681 billion naira.

Apart from the insurance sector, which gained 0.16%, all other counters closed lower, with the energy index losing 0.46%, the banking sector collapsing by 0.35%, the sector industrial goods down 0.11% and its cousin, the consumer goods index, down 0.01 percent.

Business post observed that although the stock exchange was relatively quiet yesterday, the level of activity improved with trading volume, value and number of trades appreciating by 9.79%, 17.11% and 17 .67% respectively.

At the close of trading, share volume increased by 300.0 million units from 273.2 million units, share value improved by 3.1 billion naira from 2.7 billion naira, while the number of transactions jumped to 5,394 transactions from 4,584 in the previous session. offers.

FCMB replaced Transcorp as the most active stock in the market on Tuesday, trading 52.1 million shares valued at N182.3 million and was followed by UBA, which traded 47.7 million shares worth N365.4 million.

Transcorp traded 39.3 million shares worth N52.2 million, Access Holdings traded 30.1 million shares worth N294.0 million, while GTCO sold 20.4 million shares for 446.2 million naira.

On the Price Movement Index, CAP emerged as the worst performing stock falling 9.93% to N18.15, Caverton depreciated 7.83% to N1.06, Livestock Feeds depreciated reduced by 6.25 per cent to N1.50, Transcorp was down 5.07 per cent at N1.31, while Champion Breweries was down 4.63 per cent at N3.50.

On the other hand, Learn Africa ended the session as the best performing stock after its value rose 9.72% to N2.37, Sunu Assurances gained 9.38% to close at 35 kobo, Coronation Insurance rose 5.00% to 42 kobo, Sterling Bank rose 1.97% to N1.55, while Cornerstone Insurance improved 1.64% to 62 kobo.