The stock market extended its bearish performance into the fifth consecutive trading session on Thursday as equities investors lost a total of N94.36 billion over the losing streak on sustained profit taking activity after last Thursday’s rebound.
Specifically, the benchmark index of the Nigerian Stock Exchange (NSE), the All Share Index (ASI), dropped by 0.19 percent to close at 36,232.66 points, while Year-to-Date loss of the ASI worsened to 5.26 percent.
Consequently, four out of five sector indices closed lower as market capitalization of listed equities, which opened at N13.25 trillion, closed at N13.23 trillion.
Market breadth declined as 22 losers emerged against 12 gainers. However, activity level strengthened as volume and value of stocks traded increased 65.2 percent and 76.9 percent.
Vitafoam Nigeria, Veritas Kapital Assurance, Linkage Assurance, Law Union and Rock Insurance, and Japaul Oil and Maritime Services all depreciated by 10 percent to close at N3.24, 27 Kobo, 72 Kobo, 90 Kobo, 27 Kobo per share respectively.
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On the other hand, Courteville Business Solutions led the gainers’ chart with 10 percent to close at 22 Kobo. Sterling Bank trailed with 9.56 percent gain to close at N1.49 per share, while Niger Insurance garnered 8.33 percent to close at 39 Kobo per share.
Mutual Benefits Assurance rose by 7.14 percent to close at 30 Kobo per share, while United Kapital added 4.17 percent to close at 25 Kobo per share.
The total volume traded stood at 188.36 million shares valued at N1.29 billion traded in 2,795 deals. Transactions in shares of United Bank for Africa topped the activity chart with 27.22 million shares worth N260.24 million.
Law Union and Rock Insurance followed with 25 million volume of shares valued at N22.50 million, while Zenith Bank traded 13.13 million shares worth N471.39 million.
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