Equity Investors Extend Losses on Mixed Corporate Earnings

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By Dipo Olowookere

For the fourth consecutive day, the Nigerian Stock Exchange (NSE) closed on Thursday on a sad note as investors continue to react to the mixed half year earnings of companies listed on the stock exchange.

At the close of transactions yesterday, the market depreciated by 0.19 percent, dragging the Year-to-Date (YtD) gains further down to -5.26 percent.

The benchmark index, All-Share Index (ASI), lost 67.16 points to close at 36,232.66 points, while the market capitalisation decreased by N21 billion to finish at N13.228 trillion.

However, the market recorded improved activities as the total volume and value of transactions increasing at the close of transactions.

A total of 188.3 million shares valued at N1.3 billion were transacted on Thursday by investors in 2,795 deals in contrast to the 114 million shares worth N730.1 million exchanged on Wednesday in 2,610 deals.

The most traded equity at the NSE was United Bank for Africa (UBA), selling a total of 27.2 million units valued at N260.2 million.

It was followed by Law Union and Rock Insurance, which sold 25 million shares worth N22.5 million, and Zenith Bank, which transacted 19.9 million equities for N71.4 million.

Courteville traded 19.7 million shares worth N4.1 million, while Regency Assurance Insurance sold 13.1 million equities valued at N3.05 million.

Unlike the previous session, the market breadth ended negative after closing with 12 price risers and 22 price fallers.

It was a bad trading day for Mobil Oil Nigeria as its shares depreciated by N10 to settle at N170 per share.

It was followed by FBN Holdings, which went down by 45 kobo to close at N9.50k per share, and Vitafoam, which declined by 36 kobo to finish at N3.24k per share.

PZ Cussons crashed by 20 kobo to end at N14.05k per share, while Zenith Bank depreciated by 15 kobo to close at N23.60k per share.

Conversely, International Breweries emerged the highest price gainer after appreciating by 50 kobo to close at N31 per share.

Sterling Bank gained 13 kobo to close at N1.49k per share, while Ecobank garnered 10 kobo to finish at N22.15k per share.

Eterna also improved by 10 kobo on Thursday to close at N6.10k per share, while Stanbic IBTC added 10 kobo to its share value to settle at N50 per share.

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