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Stocks Market Halts 3-Day Positive Trend, Sheds N42bn

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Trading activities in the domestic equities market yesterday returned back to decline by N42 billion, as investors booked profits in FBN Holdings (FBNH) and

In summary, the All-Share Index declined by 76.90 absolute points, representing a decrease of 0.14 per cent to close at 53,193.98 points. Similarly, the overall market capitalization value lost N42 billion to close at N28.677 trillion.The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; FBN Holdings , Stanbic IBTC Holdings, Champion Breweries, NEM Insurance and eTranzact International.

On market outlook, analysts at GTI Securities Limited said: “the stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.” Market breadth closed negative as 18 stocks lost relative to 16 gainers. Caverton Offshore Support Group recorded the highest price gain of 7.34 per cent to close at N1.17, per share. FTN Cocoa processors followed with a gain 5.88 per cent to close at 36 kobo, while Transnational Corporation of Nigeria gained 5.69 per cent to close at N1.30, per share.

Cutix appreciated by 4.98 per cent to close at N2.74, while Linkage Assurance gained 3.70 per cent to close at 56 kobo, per share. On the other hand, Champion Breweries led the losers’ chart by 9.79 per cent to close at N3.50, per share. Cornerstone Insurance followed with a decline of 9.68 per cent to close at 56 kobo, while eTranzact International shed 9.67 per cent to close at N2.71, per share.

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