GlaxoSmithKline Weakens Stock Market by N12bn

By Dipo Olowookere

The stock market depreciated by 0.06 per cent on Wednesday following the loss recorded by 15 companies trading their equities on the Nigerian Exchange (NGX) Limited.

During the trading session, the market capitalisation went down by N12 billion to N21.809 trillion from N21.821 trillion, while the All-Share Index (ASI) decreased by 25.35 points to 41,789.59 points from 41,814.94 points.

The losers were led by GlaxoSmithKline after it depreciated by 10.00 per cent to N6.30, Transcorp Hotels went down by 9.88 per cent to N5.38, FBN Holdings lost 6.05 per cent to N11.65, Veritas Kapital fell by 4.35 per cent to 22 kobo, while Africa Prudential dropped 3.94 per cent to sell for N6.10.

A total of 24 stocks closed on the gainers’ log led by Living Trust Mortgage Bank as its share price increased by 9.59 per cent to 80 kobo. AIICO Insurance grew by 9.57 per cent to N1.03, University Press appreciated by 9.09 per cent to N1.80, Red Star Express improved by 6.25 per cent to N3.40, while Total Energies rose by 5.97 per cent to N220.00.

Apart from the consumer goods index, which closed flat, every other sector closed bullish, with the energy counter emerging the highest gainer, rising by 1.70 per cent.

The insurance counter appreciated by 1.54 per cent, the banking space grew by 0.51 per cent, while the industrial goods sector chalked up 0.05 per cent.

For another trading session, FBN Holdings emerged as the most traded stock as it transacted 75.5 million units valued at N898.0 million, trailed by AIICO Insurance, which sold 18.4 million units for N17.8 million.

Ecobank transacted 17.3 million equities valued at N137.3 million, Transcorp traded 15.2 million shares worth N15.5 million, while Fidelity Bank exchanged 14.0 million stocks valued at N38.5 million.

At the close of transactions, investors bought and sold 284.6 million shares worth N3.2 billion in 5,036 deals at the midweek session compared with the 353.2 million shares worth N5.6 billion traded in 5,322 deals on Tuesday.

This indicated that the volume of shares transacted went down by 19.43 per cent, the value of the stocks depreciated by 42.49 per cent, while the number of deals declined by 5.37 per cent.