Stock Market Falls for Fifth Straight Day

market trend
  • Stock Market Falls for Fifth Straight Day

The stock market continued its losing streak on Wednesday, as the market capitalisation of equities listed on the Nigerian Stock Exchange fell for the fifth straight day.

The market capitalisation dropped to N14.543tn from N14.579tn on Tuesday, while the NSE All-Share Index fell to 40,150.55 basis points from 40,249.29bps.

The stock market has been closing on a negative note since last Thursday, when the market capitalisation declined to N14.725tn from N14.848tn on Friday.

Twenty-eight stocks recorded losses on Wednesday, with UAC of Nigeria Plc leading the park as its share price fell by 8.52 per cent to close at N14.50.

Chams Plc shed five per cent to close at N0.38 per share, while C&I Leasing Plc depreciated by 4.93 per cent to close at N1.35 per share.

Unity Bank Plc eased by 4.90 per cent to close at N0.97 per share, while UACN Property Development Company Plc dropped by 4.89 per cent to N2.14 per share.

Other losers on Wednesday were FCMB Group Plc, Dangote Flour Mills Plc, Transnational Corporation of Nigeria Plc, AIICO Insurance Plc, Linkage Assurance Plc, Equity Assurance Plc, Oando Plc, Wapic Insurance Plc, Custodian and Allied Insurance Plc, Japaul Oil & Maritime Services Plc and Sterling Bank Plc.

Fifteen stocks recorded price appreciation, with the share price of Ikeja Hotel, whose shares resumes on Monday, gaining the most as it rose by 9.80 per cent to close at N2.24.

Other top gainers were MRS Oil Nigeria Plc, First Aluminium Nigeria Plc, Niger Insurance Company Plc and John Holt Plc.

MRS was up by 4.87 per cent to close at N31.20 per share, while First Aluminium appreciated by 4.53 per cent to N0.46 per share.

Niger Insurance gained 4.35 per cent to close at N0.24 per share, while John Holt increased by 3.85 per cent to close at N0.54 per share.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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