By Dipo Olowookere
The stock market in Nigeria retreated to its normal position in recent times, the bearish territory, on Thursday following the decision of investors to book profit.
Business Post reports that there was a 0.31 per cent decline at the Nigerian Stock Exchange (NSE) yesterday as a result of the profit-taking.
The announcement from Zenith Bank that it was paying a final dividend of N2.70 per unit had brightened the mood at the market, but after two days of growth, the performance dropped.
At the close of business, the All-Share Index (ASI) depreciated by 125.81 points to 40,095.49 points from 40,221.30 points, while the market capitalisation reduced by N66 billion to N20.978 trillion from N21.044 trillion.
At the trading day, the level of activities decreased as investors only traded 326.0 million shares worth N3.7 billion in 4,567 deals as against the 469.6 million shares worth N7.1 billion traded at the midweek session in 5,470 deals.
This signified that the trading volume went down by 30.56 per cent, the trading value depleted by 47.56 per cent and the number of deals crashed by 16.51 per cent.
By the close of transactions, Transcorp topped the activity chart by volume as it sold 48.4 million shares valued at N43.7 million and was trailed by Dangote Sugar, which exchanged 33.9 million stocks for N611.8 million.
UBA transacted 27.5 million equities worth N229.6 million, Zenith Bank sold 24.6 million shares valued at N637.6 million, while United Capital exchanged 19.2 million stocks for N118.0 million.
It was observed that the market breadth closed negative on Thursday as a result of 24 price losers and 14 price gainers recorded.
The downward slide in the shares of LASACO Assurance after its reconstruction continued yesterday as the company lost 9.68 per cent to settle at N1.12 per share.
Fidson went down by 8.41 per cent to close at N4.90 per unit, Ecobank fell by 6.31 per cent to N5.20 per share, Mutual Benefits Assurance lost 5.13 per cent to trade at 37 kobo per unit, while UAC Nigeria dropped 5.03 per cent to N7.55 per share.
The appointment of the immediate past managing director of Wema Bank Plc, Mr Segun Oloketuyi, to the board of Chams Plc has generated interest in the company’s stocks. Yesterday, its equity price rose by 9.09 per cent to 24 kobo per share to lead the gainers’ table.
Royal Exchange gained 8.00 per cent to finish at 27 kobo per unit, Wema Bank grew by 7.69 per cent to 70 kobo per share, Red Star Express gained 5.77 per cent to close at N3.30 per unit, while Prestige Assurance appreciated by 4.55 per cent to 46 kobo per share.
Adedapo Adesanya