Stock Market Loses N108bn in 1.26% Dive

The Nigerian stock market has retreated into the red zone yesterday, after  six day rally.
The market capitalisation went down by N108 billion to close at N8.431 trillion from the N8.539 trillion recorded on Monday.
Also, the All-Share Index, which opened at 24,827.50 dropped by 312.59 points or 1.26 per cent to close at 24,514.91.
Market analysts attributed yesterday decline to sell down pressure on market bellwethers such as Dangote Cement, Nigerian Breweries and Nestle.
Market breadth was negative as 16 gainers and 19 losers were recorded. May & Baker led the gainers’ chart by 5 per cent to close at 84 kobo per share. Glaxosmith appreciated by 4.98 per cent to close at N21.93, while Eterna went up by 4.92 per cent to close at N1.92 per share.
Portland Paints rose by 4.28 per cent to close at N3.91 and FBN Holdings gained by 3.71 per cent to close at N3.71 per share.
On the other hand, Champion Breweries led the losers’ chart by 5 per cent to close at N2.85 per share. Caverton declined 4.86 per cent to close at N1.76, while Learn Africa shed by 4.65 to close at 82 kobo per share.
Mansard Insurance depreciated by 4.65 per cent to close at N2.05, while Continental Reinsurance went down by 4.08 per cent to close at 94 kobo per share.
Also, market activity was mixed as volume traded rose 2.6 per cent while value traded declined 1.5 per cent to close at 290.9 million units and N2.9 billion respectively.  Top in volume transacted was Guaranty Trust Bank with a total volume of 100.48 million valued at N1.66 billion. Zenith Bank came second on the activity with 35.91 million shares worth N413.63 million, while Fidelity Bank accounted for 33.9 million shares valued N43.72 million.
FCMB traded 16.64 million shares worth N14.98 million, while Portland Paints exchanged a total of 15 million shares valued at N58.5 million.

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