Stock Market Declines Further By 48 Billion Naira

Trading activities on the Nigerian Exchange Ltd. on Wednesday closed on a negative note as the market capitalisation declining further by 48 billion Naira.

Specifically, the Nigerian Exchange Ltd. market capitalisation fell by 0.07 percent to close at 66.436 trillion Naira from 66.484 trillion Naira recorded on Tuesday.

Also, the All-Share Index dropped by 0.07 percent or 77.53 points to close at 106,090.38 against 106,167.91 posted the previous day.

The negative performance was mainly due to share price depreciation in CONOIL, United Bank for Africa (UBA), among others

Market breadth closed negative with 32 losers and 19 gainers.

On the losers’ chart, Conoil declined by 10 per cent, to close at N331.20, while Berger Paints fell by 9.81 per cent to close at N18.85 per share.

International Energy Insurance lost by 9.79 per cent to close at N1.75 and Multiverse Mining fell by 9.66 per cent, to close at N7.95 per share.

Also, Regency Assurance lost by 8.70 per cent, to close at 63k per share.

Meanwhile, on the gainers’ chart, Tantaliser increased by 9.79 per cent, to close at N3.14 per share while Secure Electronic Technology soared by 9.68 per cent, to close at 64k per share.

9News Nigeria reports that Caverton Offshore Support Group increased by 9.09 per cent to close at N3.00 and FTN Cocoa processors gained by 6.51 per cent to close at N1.80 per share.

Similarly, Jaiz Bank increased by 6.04 per cent to close at N3.51 per share.

A total of 1.499 billion shares worth N10.259 billion were exchanged across 11,748 transactions.

This is compared to 324.59 million shares worth N7.918 billion that was exchanged across 12,652 transactions on Tuesday.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 989.73 million shares worth N987.48 million.

Jaiz Bank followed with 187.35 million shares valued at N628.093 million while Secure Electronic Technology traded 43.51 million shares worth N28.62 million.

Zenith Bank transacted 22.81 million shares valued at N1.085 billion while United Capital Group sold 18.28 million shares worth N346.42 million.