Leadership (Abuja)

Nigeria: Stock Market Records First Year Loss

Transactions on the floor of the Nigerian Stock Exchange (NSE) yesterday closed in the red .

Analysts had forecasted that the bullish trend would trigger off profit taking and impact negatively on the stock market.

Consequently, the NSE All-Share Index depreciated by 59.83 points or 0.20 per cent to close the day's trading at 28,441.38, while the market capitalisation of equities declined to N9.090 trillion from N9.190 trillion, representing a drop of N19 billion or 0.20 per cent.

At the close of trading, 30 stocks however appreciated in price during the day as against 15 that depreciated in value.

Diamond Bank led the losers' table with a loss of N0.30 to close at N5.10 per share, while John Holt Plc followed with a loss of 0.16 kobo to close at N3.07 per share, among other price losers. On the other hand, FCMB Plc led on the price gainers' table, appreciating by 0.40kobo to close at N4.50 per share, while AIICO Plc followed with a gain of 0.04 kobo to close at N0.66 per share, among other price gainers.

Further analysis of the trading showed that the Banking subsector of the Financial Services sector was the most active during the week (measured by a turnover volume); with 170.2 million shares worth N1.35 billion exchanged by investors in 2,142 deals.

Volume in the Banking subsector was largely driven by activity in the shares of FCMB Bank Plc and Diamond Bank.

The Conglomerates subsector, boosted by activity in the shares of Transcorp Plc followed on the day's activity chart with a subsector turnover of 37 million shares valued at N37.8 million traded in 137 deals. On the whole, investors exchanged a total of 289.4 million shares valued at N2.57 billion in 4,510 transactions.

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