Equities Market Declines by N185bn as 31 Stocks Slump

• Equities Market Declines by N185bn as 31 Stocks Slump

The stock market, on Wednesday, depreciated by N185bn following drops in the share prices of 31 companies.

The Nigerian Stock Exchange market capitalisation fell to N12.280tn from N12.465tn, as the All-Share Index closed at 35,629.13 basis points from 36,165.93 basis points.

A total of 239.906 million shares worth N2.929bn were traded in 4,371 deals.

The market dipped further at the close of the day’s trading activities, as the NSE ASI pared by 1.48 per cent, settling the year-to-date return at 32.58 per cent.

There were seven gainers, as the market turnover and volume of transactions advanced by 93.80 per cent and 66.08 per cent, respectively.

Cutix Plc topped the gainers’ chart to settle at a year high of N2.43, after appreciating by 9.95 per cent. Other top gainers were May & Baker Nigeria Plc, Continental Reinsurance Plc, Total Nigeria Plc and NEM Insurance Nigeria Plc, which advanced by 4.51 per cent, 4.48 per cent, 2.75 per cent and 1.01 per cent, respectively.

However, the Nigerian Aviation Handling Company Plc and First Aluminium Nigeria Plc stocks topped the losers’ chart, declining by five per cent apiece. Mobil Oil Nigeria Plc, Dangote Sugar Refinery Plc and Honeywell Flour Mill Plc followed, declining by 4.99 per cent, 4.89 per cent and 4.29 per cent, accordingly.