Stock market declines further as 23 firms lose

The nation’s stock market closed lower on Tuesday as twenty-three firms recorded price depreciation at the end of trading.

The market breadth closed negative as 23 losers emerged while only nine firms saw their share prices increase.

The Nigerian Stock Exchange All-Share Index dipped by 3.86 basis points or 0.02 per cent to close at 24,750.06bps from 24,753.92bps on Monday.

The market capitalisation of equities depreciated by N2n to N12.91tn as market sentiment remained in the negative territory.

A turnover of 167.95 million shares was traded by investors in 3,784 deals on Tuesday.

The premium subsector was the most active (measured by turnover volume), with 39.62 million shares traded by investors in 1,178 deals.

The volume in the subsector was largely driven by activities in the shares of United Bank for Africa Plc and FBN Holdings Plc.

The banking subsector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc with a turnover of 28.10 million shares in 623 deals.

UACN Property Development Company Plc topped the gainers’ table with a gain of 7.69 per cent to close at 98 kobo per share.

Transnational Corporation of Nigeria Plc rose by 2.86 per cent to close at 72 kobo per share, while Oando Plc added 2.04 per cent to close at N2.50 kobo per share.

On the other hand, Unity Bank Plc led the losers with a drop of 10 per cent to close at 54 kobo per share while Dangote Sugar Plc shed 9.85 per cent to close at N11.90 per share. Ikeja Hotel Plc depreciated by 9.57 per cent to close at N1.04 per share.