Investors’ wealth depreciates by N39b

Stock market reversed previous day’s gains at the end of yesterday’s transactions, occasioned by price losses suffered by most highly capitalised stocks, as market capitalisation plunged by N39 billion.

At the close of the transactions, the All Share Index (ASI) shed 109.21 absolute points, representing a dip of 0.35 per cent to close at 30,814.19 points. Similarly, the market capitalisation shed N39 billion at N11.216 trillion.

The downturn was impacted by losses recorded by bellwether stocks, amongst which are; Seplat Petroleum Development Company (Seplat), Total Nigeria, Dangote Cement, Mobil Oil, and Julius Berger.

Analysts at APT Securities and Funds Limited said: “the equities market continues to swing between the two poles.

Thus, investors are advised to tread with caution as the bourse has a chance of closing either way in the remaining sessions of the trading week.”

However, market breadth closed positive with 23 gainers against 18 losers. Forte Oil recorded the highest price gain of 9.85 per cent to close at N26.20 per share.

Diamond Bank followed with a gain of 9.65 per cent, to close at N1.25, while Learn Africa rose 9.52 per cent to close at N1.38 per share.

Neimeth International Pharmaceuticals appreciated by 9.09 per cent to close at 72 kobo, while UAC Property Development Company went up by 7.41 per cent to close at N1.74 per share.

On the other hand, Abbey Morgage Bank led the losers’ chart by 7.55 per cent to close at 98 kobo per share. Seplat followed with a decline 6.53 per cent to close at N555.20, while Jaiz Bank depreciated 6.12 per cent to close at 46 kobo per share.

Japaul Oil Maritime and Services declined by 4.76 per cent to close at 20 kobo, while Julius Berger was down by 4.29 per cent to close at N20.10, per share.

Investors traded a total share volume of 201 million valued at N4.1 billion in 3,035 deals. Zenith Bank traded with 51.9 million shares valued at N1.18 billion.

Lafarge Africa followed with 38.65 million shares worth N457.32 million, while FBN Holdings traded 15.85 million shares valued at N120.35 million.

Guaranty Trust Bank traded 12.25 million shares valued at N427.56 million, while Fidelity Bank transacted 9.59 million shares worth N18.38 million.