Stock market index reverts to 39,000 points, price declines N155bn

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Stock market index reverts to 39,000 points, price declines N155bn

The Nigerian Stock Exchange (NSE) closed Friday’s trading to end the weeks’ on a negative note by extending the bearish run to two consecutive days, as the market performance index, the All-Share Index nosedived 0.74 percent to go below the 40,000 point.

The downturn was buoyed by selling pressure on the bellwether stocks. Consequently, the market breath negatively, recording 17 gainers and 24 losers.

In specific terms, the All-Share Index dipped by 295.60 absolute points, representing a decrease of 0.74 percent to close at 39,799.89 points.

The overall Market Capitalization value lost N154.66 billion, representing a decline of 0.74 percent to close at N20.82 trillion.

At the close of trading for the day, LASACO Assurance emerged as the top gainer with a price appreciation of 9.82 percent, while Champion Breweries and Wema Bank emerged as joint-top losers with the price depreciation of 10.00 percent.

The stock market losses was driven by price depreciation in large and medium capitalized stock. Mansard Insurance dropped by six kobo or 5.36 percent to close at N1.06 per share, AIICO Insurance was down five kobo or 4.17 percent to close at N1.15 per share, while International Breweries dipped 22kobo or 3.65 percent to close at N5.80 per share.

Wapic Insurance lost 70kobo or 3.57 percent to close at 54kobo per share and MTN Nigeria with a loss of N5.90 or 3.28 percent to close at N174.00 per share.

Despite the losses, LASACO Assurance added up 11kobo or 9.82 percent to close at N1.23 per share, Mutual Benefits was up three kobo or 5.00 percent to close at four kobo, while Courtville Solution increased to 21kobo from its 20kobo opening value.

The share price Oando Plc gained one kobo or 2.99 percent to close at N3.45 and Nahco was up six kobo or 2.70 percent to close at N2.28 per share.

Investors traded 507.254 million shares worth N2.44 million in 4,465 deals.

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