Sell-off persists as Stock Market sheds 0.06%

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Sell-off persists as Stock Market sheds 0.06%
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Transactions on The Nigerian Stock Exchange (NSE) Friday closed on a negative note, as bears continue to take a grip on the stock market for the fourth successive trading session.

The downturn, according to investment analysts at GTI Securities was buoyed by value depreciation in some blue-chip such as Stanbic IBTC Bank, Seplat, Honeywell, and 17 others. Consequently, the market breadth closed negative, recording 18 gainers as against 20 losers.

In summary, the All-Share Index shed 25.49 absolute points, representing a loss of 0.06 percent to close at 40,186.70 points. While the overall Market Capitalization value lost N10.90 billion, representing a decline of 0.05 percent to close at N21.03 trillion, following the additional 3.01 billion ordinary shares of 50 kobo each of SUNU Assurances Nigeria Plc at N1.00 per share.

At the close of trading for the day, Livestock Feeds emerged as the top gainers with a price appreciation of 9.27 percent, while Stanbic IBTC Bank emerged as top losers’ (by percentage points) for Friday trading, with the price depreciation of 10.00 percent.

The day’s market loss was driven by price depreciation in large and medium capitalized stocks including AIICO Insurance dipped 8kobo to close at N1.15 or 6.5 percent, Seplat trailed with N19.00 to close at N530 representing 3.4 percent, while Champion Breweries went down eight kobo to close at N2.97 or 2.62 percent losses.

WAPCO lost 55kobo to close at N25.00 per share or 2.15 percent, Starling Bank shed three kobo to close at N1.80 per share or 1.64 percent, Honeywell Flour declined two kobo to close at N1.33 per share or 1.48 percent, Mansard Insurance and FBN Holdings lost one kobo and five kobo to close at N1.18 and N7.30 respectively.

Despite losses, livestock led on the gainers’ table with value addition of 19kobo to close at N2.24 per share.

Portland Paints came second with 26 kobo to close at N3.25 per share or 8.70 percent, FTN Cocoa Processor added four kobo to close at 53bo per share, while United Capital occupied the fourth position, adding 37kobo to close at N6.35 per share.

Africa Prudential rounded-off top five gainers with 40kobo to close at N7.30 per share or 5.80 percent.

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