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Stock market sheds N190bn as 26 firms lose

Stock market sheds N190bn as 26 firms lose

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Feyisayo Popoola

The nation’s equities market depreciated by N190bn at the close of trading on Wednesday after 26 stocks recorded price declines.

A total of 200.278 million stocks valued at N2.162bn exchanged hands in 3,224 deals.

The N35bn gain recorded in the equities market on Tuesday was lost as the benchmark index continued on a downward trend on Wednesday.

The All-Share Index shed 1.49 per cent to settle at 34,414.37 basis points while the market capitalisation fell to N12.563tn from N12.753tn on Tuesday.

Mutual Benefits Assurance Plc, Learn Africa Plc, Chams Plc, Law Union and Rock Insurance Plc and Niger Insurance Plc saw their share prices fall by 10 per cent, 9.82 per cent, 9.68 per cent, 9.59 per cent, and 9.09 per cent, respectively.

Sector performance was largely bearish as the oil and gas index depreciated the most, down by 3.21 per cent on the back of losses in Seplat Petroleum Development Company Plc.

The insurance index followed, falling by 1.59 per cent, due to losses in Mutual Benefits Assurance, NEM Insurance Nigeria Plc, Law Insurance and Rock Insurance Plc, Niger Insurance Plc, AIICO Insurance Plc and Sovereign Trust Insurance Plc.

The banking sector index dropped by 1.20 per cent, led by losses in Skye Bank Plc.

However, the consumer goods index increased by 0.25 per cent, as only Flour Mills of Nigeria Plc and PZ Cussons Nigeria Plc recorded price depreciation.

The top performers were C & I Leasing Plc, Consolidated Hallmark Insurance Plc, Jaiz Bank Plc, Sterling Bank Plc and Forte Oil Plc, which appreciated by 9.93 per cent, 8.57 per cent, 8.16 per cent, 5.84 per cent, and 5.26 per cent, respectively.

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