Market Drops 0.30% as First Bank Ends as Busiest Stock

By Dipo Olowookere

The Nigerian bourse further depreciated by 0.30 per cent on Thursday as investors continued to sell-offs to possibly minimise their risks amid global uncertainties fuelling weak sentiments.

According to data, the profit-taking was across the sectors, with the consumer goods space as the most hit after it dropped 1.76 per cent and was trailed by the banking counter, which dropped 0.97 per cent.

In addition, the insurance sector depreciated by 0.60 per cent, the energy index went down by 0.07 per cent, and the industrial goods sector declined by 0.02 per cent.

The renewed selling pressure on the Nigerian Exchange (NGX) Limited weakened the All Share Index by 158.37 points to 52,815.78 points from 52,974.15 points as the market capitalisation depleted by N85 billion to N28.474 trillion from N28.559 trillion.

Yesterday, FBN Holdings was the busiest stock as it traded 74.7 million units valued at N836.1 million, Transcorp sold 31.4 million units worth N40.2 million, Zenith Bank traded 26.9 million units valued at N621.5 million, GTCO exchanged 17.8 million units worth N401.5 million, while UBA transacted 12.5 million units valued at N98.0 million.

However, the trades executed by First Bank could not lift the trading volume on Thursday as it depreciated by 7.08 per cent to 274.4 million units compared with the preceding day’s 295.4 million units.

But the trading value improved yesterday by 12.20 per cent to N4.0 billion from N3.6 billion as the number of deals increased by 8.07 per cent to 5,011 trades from 4,637 trades.

The market breadth was bearish during the session with 13 appreciating stocks and 26 depreciating stocks led by Royal Exchange, which dropped 10.00 per cent to trade at 90 kobo.

Global Spectrum Energy Services fell by 9.75 per cent to N2.50, Champion Breweries declined by 8.63 per cent to N3.60, FCMB shrank by 6.57 per cent to N3.27, while International Breweries slumped by 5.66 per cent to N7.50.

On the flip side, Ellah Lakes finished stronger by 9.62 per cent to sell at N3.42, PZ Cussons appreciated by 9.57 per cent to N12.60, Sovereign Trust Insurance rose by 8.33 per cent to 26 kobo, NAHCO expanded by 8.31 per cent to N7.82, while Aluminium Extrusion inflated by 7.46 per cent to N7.20.