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Stock Market Declines Further By N37bn

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The bears continued to dominate the domestic stock market as capitalisation extended losses for a second consecutive session, falling by N37 billion at the

Accordingly, the All-Share Index shed 67.93 points, representing a loss of 0.12 per cent to close at 55,956.59 points. Also, market capitalisation depreciated by N37 billion to close at N30.469 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Stanbic IBTC Holdings, Nigerian Breweries, GlaxoSmithKline Consumer Nigeria and John Holt. However, market breadth closed positive, as 41 stocks gained relative to 13 losers. E-Tranzact International, Japaul Gold & Ventures, Prestige Assurance, Secure Electronic Technology, Sovereign Trust Insurance and Unity Bank recorded the highest price gain of 10 per cent each to close at N4.84, 44 kobo, 44 kobo, 33 kobo, 44 kobo and 66 kobo respectively, per share.

MRS Oil Nigeria followed with a gain of 9.96 per cent to close at N59.60, while Cornerstone Insurance rose by 9.90 per cent to close at N1.11, per share. On the other hand, John Holt led the losers’ chart by 9.68 per cent, to close at N1.40, per share. Caverton Offshore Support Group followed with a decline of 7.14 per cent to close at N1.30, while Wapic Insurance declined by 6.52 per cent to close at 43 kobo, per share.

 

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