Stocks Shed N16b as First Bank Tops Activity Chart

By Modupe Gbadeyanka

The equities market suffered a 0.14 percent loss on Wednesday as investors embarked on a sell off during the session.

This led to the 43.98 points lost by the All-Share Index (ASI), which closed at 32,108.92 points, and the N16 billion decline in the market capitalisation to settle at N11.722 trillion.

During the midweek trading session, the volume of equities traded by investors went down by 42.65 percent from 399.8 million to 229.3 million, while the value went up by 11.40 percent from N2.2 billion to N2.5 billion.

FBN Holdings emerged as the most traded stock yesterday after selling 72.1 million shares valued at N541.2 million.

Diamond Bank traded 29.6 million equities worth N28.1 million, while Access Bank sold 22.4 million shares for N176.8 million.

In addition, Zenith Bank exchanged 20.7 million equities for N497.9 million, while GTBank transacted 12.5 million shares worth N456.5 million.

At the end of transactions on Wednesday, financial stocks dominated the activity chart with 200.5 million shares exchanged for N1.8 billion, while consumer goods stocks followed with 10.4 million equities sold for N618 million.

A total of 16 stocks appreciated in price during yesterday’s trading session, while 15 equities declined in value.

The most depreciating stock was Eterna, which went down by 50 kobo to settle at N4.95k per share, with Flour Mills following with 35 kobo loss to close at N16.50k per share.

Zenith Bank went down by 20 kobo to end at N24.05k per share, NPF Microfinance Bank depreciated by 12 kobo to finish at N1.36k per share, while Dangote Sugar dropped 10 kobo to close at N12.45k per share.

On the flip side, Nigerian Breweries claimed the first spot on the price gainers’ log, increasing its share value by 50 kobo to finish at N82.50k per share.

It was followed by NEM Insurance, which appreciated by 10 kobo to end at N2.67k per share, and CCNN, which also grew by 10 kobo to close at N18 per share.

Unity Bank rose by 7 kobo to settle at 85 kobo per share, while Africa Prudential garnered 6 kobo to quote at N3.83k per share.