Ardova, Mutual Benefits Assurance Close as Worst-Performing Stocks

By Dipo Olowookere

Shares of Mutual Benefits Assurance, Ardova and others were the worst-performing at the nation’s stock market on Tuesday as investors offloaded them.

Mutual Benefits lost 10 per cent to settle at 36 kobo per unit, while Ardova depreciated by 9.97 per cent to close at N16.25 per share.

Also, Champion Breweries declined by 9.69 per cent to N2.05 per unit, The Initiates went down by 9.62 per cent to 47 kobo per share, while Sterling Bank dropped 8.75 per cent to N1.46 per unit.

On the flip side, Academy Press was the best-performing stock yesterday with a price appreciation of 9.76 per cent to 45 kobo per unit.

PZ Cussons grew by 9.38 per cent to N5.25 per share, Beta Glass improved by 8.00 per cent to N54 per unit, Royal Exchange appreciated by 8.00 per cent to 27 kobo per share, while Regency Alliance Insurance gained 7.69 per cent to settle at 28 kobo per unit.

A total of 222.6 million stocks worth N5.4 billion were traded in 4,470 deals on Tuesday in contrast to the 544.0 million equities worth N1.9 billion transacted in 4,673 deals, representing a 59.08 per cent decline in the trading volume, 4.34 per cent decline in the number of deals and 185.47 per cent increase in the trading value.

Zenith Bank was the most traded stock with the sale of 48.1 million units worth N1.2 billion, while United Capital transacted 20.2 million shares for N122.0 million.

Also, Mutual Benefits sold 19.4 million equities valued at N7.2 million, Japaul traded 17.1 million shares worth N10.5 million, while Axa Mansard Insurance exchanged 9.0 million shares for N9.4 million.

Business Post reports that the insurance sector was the only gainer yesterday, appreciating by 0.21 per cent, while the consumer goods, energy, industrial goods and banking sectors lost 3.86 per cent, 0.88 per cent, 0.41 per cent and 0.12 per cent respectively.

At the close of business, the All-Share Index (ASI) depreciated by 234.01 points to 39,697.62 points from 39,931.63 points, while the market capitalisation reduced by N122 billion to N20.770 trillion from N20.892 trillion.